Economy minister reports 18% hike y/y in non-oil exports
Iran’s Economy Minister Abdolnaser Hemmati announced that non-oil exports reached $47.8 billion in the first 10 months of the current Iranian year (March 20, 2024-January 19, 2025), marking an 18% increase compared to the same period last year.
In a post on his X page, Hemmati cited the latest customs data, noting that imports rose by 3% during the period to $56 billion, including $6.3 billion in gold.
“Excluding gold, imports decreased by 10% year-on-year,” the minister added.
The minister also highlighted that the non-oil trade deficit, excluding gold imports, dropped from $12.5 billion to $2 billion over a two-year period.
Including over $30 billion in oil exports during the same timeframe, Iran’s overall trade surplus (oil and non-oil) exceeded $28 billion, according to the minister.
Iran has been working to diversify its economy and reduce its reliance on oil exports amid fluctuating global oil prices and US-led sanctions targeting its energy sector. The country has increasingly focused on boosting non-oil exports, including agricultural goods, petrochemicals, and industrial products to stabilize its economy and generate foreign currency revenue.
The growth in non-oil exports comes as Iran seeks to strengthen trade ties with neighboring countries and key partners such as China, India and Russia.
Recent agreements, including a 25-year strategic partnership with China and efforts to expand trade within regional blocs like the Eurasian Economic Union, have been part of Tehran’s strategy to mitigate the impact of sanctions and access new markets.