News ID: 258754
Published: 1029 GMT September 15, 2019

IRICA: Iran posts $1b foreign trade surplus

IRICA: Iran posts $1b foreign trade surplus

Iran posted over $1-billion foreign trade surplus for the one-year period ending August 20, according to data released by the country’s Customs Administration (IRICA).

Iran exported $42.88 billion worth of goods while the import level stood at $41.86 billion in the year ending August 20, reported Mehr News Agency.

On Tuesday, Iran’s Ministry of Roads and Urban Development announced that ports north and south of the country have registered a 1.9-percent increase in loading and unloading operations in the past six months, indicating a steady flow of trade despite the US unilateral sanctions against the country.

Iran has reported increased industrial activity, especially in the manufacturing sector, since it began to feel the impacts of the American sanctions.

Output of steel, aluminum and other metals that face high demand in the industry have surged, according to official reports, while companies that supply equipment to the oil industry, the main target of sanctions, have reported lower imports since last year.

Washington’s unilateral sanctions against Tehran began in November 2018, six months after US President Donald Trump withdrew from an international deal on Iran’s nuclear program.

Last month, the deputy head of Iran Small Industries and Industrial Parks Organization (ISIPO), Ali Asghar Mosaheb, announced that Iran will undertake new measures to further strengthen its non-oil exports, with a new bill to be tabled in the Iranian Parliament.

Iranian officials started planning for policies to counter the US possible sanctions a year before Donald Trump entered into office in early 2017. The policies are now proving effective as economic indices are indicating the inefficacy of US ‘maximum pressure’.


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