Iran exports its non-oil products mainly to the largest countries of Asia, with 37 percent of its non-oil exports going to China. Exports to Europe, which represent a 40-percent larger non-oil market than the Asian market, remain weak, reported Trend News Agency.
Modoudi noted that the country’s annual non-oil exports currently stand at $44.3 billion, which is $36.7 billion more compared to $7.6 billion 15 years ago, when TPO was created.
He pointed out that exports of non-oil products to neighboring countries increased even more: “This figure increased from $3.2 billion to $24 billion.”
Earlier, Modoudi announced that the value of Iranian non-oil exports from March 21 to May 21, 2019, reached $8.4 billion, which is 8.9 percent more compared to the same period of 2018.
He also estimated the country's services exports at $1.6 billion, which is 17 percent more than a year earlier.
The tightening of the sanctions regime, especially the embargo on the import of Iranian oil and the disconnection of Iranian banks from the SWIFT system, had a decisive impact on Iran’s economy. This negatively affected the non-oil economy as well.