Iran's Non-Oil Exports Exceed $27bln in 8 Months

Iran's Non-Oil Exports Exceed $27bln in 8 Months

Iran exported more than $27 billion worth of non-oil goods during the past 8 months of the current Iranian year (started on March 21).

Iran's customs office announced on Tuesday that the country's non-oil exports had witnessed a 16% increase in terms of weight in the past 8 months compared with the corresponding period in the last year, showing a steady rise in resistance against the US economic sanctions.

A sum of 88,000 tons of commodities worth $27 billion has been exported from Iran to foreign countries in the past 8 months, it added.

China, Iraq, the UAE, Turkey and Afghanistan have been the first five destinations of Iran's non-oil exports to foreign states.

Iranian Vice-President and Head of the Management and Planning Organization (MPO) Mohammad Baqer Nobakht said in November that his country is after accomplishing an objective of increasing non-oil exports to 15 neighboring countries by two-fold to counter the US bans on its oil sale.

Nobakht said that non-oil exports to 15 neighboring and near countries should reach $48 billion in the next Iranian calendar year (March 21, 2020-March 20, 2021), adding that hitting the target was necessary given Iran’s urgent need to new foreign currency revenues as normal crude sale has been affected by American sanctions.

He said that Iran had been effectively deprived of around $50 billion a year in oil sales income, adding that non-oil exports should compensate for that loss.

“Based on the targets set, we (have to) bring the non-oil exports to $48 billion from the $24-billion that we currently have,” he said, adding that setting the target had been agreed earlier in the day in a meeting involving high-profile government officials.

Last Updated (Wednesday, 11 December 2019 10:33)