Trade balance improves 68% as non-oil exports pick up
Iran’s trade balance improved by 68% in the first half of the current Iranian year (began on March 21, 2025), driven by a rebound in non-oil exports and rising service revenues despite earlier setbacks caused by energy shortages, a senior trade official said on Saturday.
Mohammad Ali Dehqan Dehnavi, head of Iran’s Trade Promotion Organization (TPO) said that although total trade volume declined, the trade deficit narrowed sharply from $7.5 billion in the same period last year to $4 billion this year, Mehr reported.
"Despite a decrease in total trade, our trade balance has seen remarkable improvement," Dehnavi said. "During the past year, the first year of President Pezeshkian’s administration, we succeeded in bringing non-oil exports close to $57.8 billion — a historic record — while oil exports also grew by 15.8%."
The deputy industry minister described the previous year as “one of the most outstanding years in exports,” adding that the current year began with difficulties due to power shortages and widespread blackouts that heavily affected industries.
“Fortunately, by the end of the first half, we managed to make up for the shortfall, and non-oil exports grew 15% compared with the same period last year,” he said.
The total value of non-oil exports in the first six months rose slightly from $25.922 billion last year to $25.944 billion this year, while export volume increased by 6%.
Imports fell considerably, partly due to tighter controls on non-essential goods. "In the first half of last year, imports were valued at $33.463 billion, which fell 15% this year to $28.367 billion," Dehnavi said. "While part of this decline reflects import control measures, lower imports of raw materials and capital goods also played a role."
Dehnavi noted that Iran has set the target of achieving 23% annual export growth.
“Despite domestic and external constraints, we are confident that with determination, planning, and private-sector dynamism, sustainable growth is achievable," he said.
Strong growth in service exports
Dehnavi also said that service exports — particularly in engineering and technology — showed notable progress. "In technical and engineering services, export value rose from $600 million in the first half of last year to $900 million this year, a 50% increase," he said.
"In other service sectors such as information technology, foreign consulting, and international marketing, exports grew from $885 million to $1.26 billion, indicating a highly promising trend," he added.
However, he noted that tourism revenues had declined due to ongoing challenges in the sector.