News ID: 272330
Published: 0250 GMT August 01, 2020

IRICA: Iran’s four-month foreign trade hits $19.6b

IRICA: Iran’s four-month foreign trade hits $19.6b

Iran’s foreign trade amounted to $19.6 billion in the first four months of the current calendar year (March 20-July 21, 2020), said the spokesman of the Islamic Republic of Iran Customs Administration (IRICA).

Rouhollah Latifi added on Saturday that the country exported over 30.2 million tons of non-oil products worth $8.7 billion during the four-month period, IRNA reported.

The official added Iran imported 11.7 million tons of non-oil commodities valued at $10.9 billion between March 20 and July 21.

China topped the list of Iran’s main export destinations by importing $2.47 billion (8.4 million tons) worth of non-oil goods, followed by Iraq and the UAE, which purchased Iranian products worth $1.96 billion (6.4 million tons) and $1.2 billion (4.6 million tons), respectively, during the said period, he said.

Latifi said Afghanistan ($713 million) and Turkey ($405 million) were the fourth and fifth main importers of Iranian goods respectively.

Main exporters to Iran were China ($2.8 billion), the UAE ($2.4 billion), Turkey ($1.1 billion), India ($757 million) and Germany ($536 million), noted the IRICA official.

The announced figures show that Iran posted a trade deficit of just 2.2 billion during the four-month time span.

The country has managed to narrow its annual trade deficit as exports of non-oil goods and products have surged since the US imposed its unilateral sanctions on the country’s overseas sales of oil.

In May 2018, President Donald Trump pulled the US out of the Joint Comprehensive Plan of Action, signed between Iran and the P5+1 in July 2015, and reimposed Washington’s sanctions on Iran. 

Experts say the increasing exports of agro-food, petrochemicals and other products from Iran is a sign that the country is gradually diversifying its economy away from normal oil revenues.

The Iranian government aims to reach an annual non-oil exports target of $50 billion in the coming years to compensate for the losses suffered from slashed oil shipments.

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