News ID: 234213
Published: 0337 GMT November 13, 2018

Iran trade surplus tops $1b in seven months

Iran trade surplus tops $1b in seven months

Iran posted a foreign trade surplus of $1 billion in the seven-month period to October 22, said a deputy head of Trade Promotion Organization of Iran.

Reza Moudoudi added that Iran's non-oil export from March 21, the beginning of the current fiscal year, to October 22, stood at $27 billon, ISNA reported.

Non-oil exports reached 67.36 million tons valued at $27.22 billion in the seven-month period, indicating a 13.35-percent growth in value and 1.3 percent decrease in volume compared to the figures for the same period last year.



Neighboring countries huge market

Pointing to the huge import market of Iran's neighboring countries and the role that Iran can play in this market, Moudoudi said, "This market is valued at around $1 trillion.

"Out of Iran's total exports, 45 percent went to its neighboring countries."

Figures released by Islamic Republic of Iran Customs Administration (ICA) show that Iran exported non-oil goods valued at almost $13 billion worth to its 15 neighboring countries (land and maritime borders) during March 21 to September 22, marking a 27.96-percent increase in value compared to the amount for the same period of last year.

Iran's neighboring countries by land — namely Afghanistan, Pakistan, Azerbaijan, Turkey, Iraq, Turkmenistan and Armenia — as well as neighboring countries by maritime borders — namely Oman, Qatar, Kuwait, United Arab Emirates, Bahrain, Kazakhstan, and Russia — were on the list of Iran's 100 export destination.

Only Saudi Arabia, which has maritime border with Iran, did not make it to the list as Tehran-Riyadh relations have significantly soured in recent years.

Moudoudi said Iraq and China were the top export destinations for Iranian goods, adding that the value of exports to these two countries has increased year-on-year.

The value of export to Iraq increased by 55 percent while exports to China were up by 11 percent, he added.



Handicrafts export dented

Commenting on the impact of US sanctions on the Iranian economy, Moudoudi said the exports of handicrafts posted a 14-percenr decline in the seven-month period as traders could not export their products to the US — an important outlet for Iranian handicrafts.

The administration of US President Donald Trump announced on November 5 the reimposition of the 'toughest' sanctions ever against Iran's banking and energy sectors with the aim of cutting off its oil sales and crucial exports. The bans were lifted under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

The first round of the anti-Iran bans — which were lifted under the accord — was reimposed in August.



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