News ID: 255335
Published: 0321 GMT July 05, 2019

Iran sees huge increase in non-oil exports

Iran sees huge increase in non-oil exports

Over the past 15 years, exports of non-oil products from Iran have grown by 483 percent, said Mohammadreza Modoudi, acting head of the Trade Promotion Organization of Iran (TPO).

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.

 

   
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