Pezeshkian gov’t posts 7% export growth, 37.1% import drop
Trade data covering the first 18 months of President Masoud Pezeshkian’s administration show exports rose 7% while imports fell 37.1% compared with the same period in the previous administration, according to a report by IRNA.
The report said imports declined from $94.7 billion to $93.4 billion as part of policies aimed at managing imports to support domestic production. Exports reached $85.6 billion during the period, marking what it described as significant growth from the comparable earlier timeframe.
Expanding non-oil exports is a key government strategy, pursued through increasing production and investment in mining and mineral industries. Last year, exports of 23 million tons of mineral and processed steel-chain products were affected by imbalances that prevented completion of the value chain and eliminated the potential for a $4 billion increase in exports. The total value of metal products produced and sold domestically exceeds $35 billion, resulting in $14 billion in non-oil exports and reducing reliance on imports of raw materials for other industries.
Trade statistics for the first 10 months of the current Iranian year, which began on March 21, show the trade balance improved from a $10 billion deficit to a $4 billion deficit, while transit performance improved from minus 15% to minus 4%.
Non-oil exports reached 130 million tons worth $45 billion, compared with 128 million tons valued at $48 billion in the same period a year earlier, indicating a 1.33% increase in export volume.
By destination, the largest share of Iranian exports went to China at more than $10.918 billion, accounting for 24.25%, followed by Iraq with $7.917 billion (17.59%), United Arab Emirates with $6.448 billion (14.32%), Turkey with $5.66 billion (12.57%) and Afghanistan with $2.088 billion (4.64%).
Imports during the same 10-month period fell 15.5% to $49 billion from $57.1 billion a year earlier, a decline the report attributed to policies supporting domestic production and prioritizing imports of cheaper essential and intermediate goods.
Among suppliers, the United Arab Emirates accounted for more than 30% of total imports at about $14 billion, followed by China at $13.439 billion (27.37%), Turkey at $7.921 billion (16.13%), India at $1.547 billion (3.15%) and Germany at $1.436 billion (2.92%).