News ID: 302760
Published: 0240 GMT May 04, 2021

Positive annual trade balance registered in Iran mining sector

Positive annual trade balance registered in Iran mining sector

Iran’s mining industry registered a positive trade balance of $4.2 billion in the past Iranian year (ended on March 20), according to figures by the Industry, Mine and Trade Ministry.

Based on the data, over 55 million tons of minerals and mining industry products worth $7.6 billion were exported in the previous Iranian year, with the imports of such products hitting $3.4 billion, IRNA reported.

The country imported 4.1 million tons of mining and mineral products in the year under review, registering six percent of rise compared to corresponding figure of its preceding year.

The export of such commodities in the previous Iranian year, however, fell 11 percent in terms of value and 21 percent in terms of weight, compared to its preceding year.

Steel has the biggest share in Irans export basket of mining products (53.7 percent) with $4.1 billion worth of exports, followed by copper, cement, and zinc products.

In line with Irans major plans for distancing the countrys economy from oil and moving toward a resilient economy, the mining sector has become one of the major areas of focus in recent years.

Since the country is one of the worlds top 10 mineral-rich countries, 68 types of minerals have been identified so far, including the worlds largest deposits of copper, zinc, and iron.

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