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Monday, 27 June 2022 02:43 GMT

Iran's industrial exports register fall due to banking problems


(MENAFN- Trend News Agency ) Baku, Azerbaijan, March 17

By Gazenfer Hamidov – Trend:

The exports of industry sector products, which have the largest share among Iran's non-oil exports, witnessed fall during the current fiscal year, started March 20, 2017.

The country exported $13.8 billion worth of industrial products during the first 10 months of the current fiscal year, according to Parvin Nabati, director of the Chemical and Cellulose Industries Department of the Ministry of Industry, Mine and Trade.

The figure indicates an 8 percent fall year-on-year, Nabati said, IRNA news agency reported March 14.

Nabati said that the global price fall as well as sanctions-related banking transaction problems has led to the decrease, however, she added that export of some products including bitumen and plastic artifacts have increased.

Nabati said that Iran's bitumen exports increased by 13 percent to three million tons, meanwhile the value of exported bitumen decreased by 5 percent to $570 million in the 10-month period.

The official said that the Islamic Republic exported $1 billion worth of plastic products, 24 percent more year-on-year.

Over 74 percent of Iran's plastic products' exports have gone to the Iraqi market, followed by Afghanistan (13 percent), Turkmenistan, Pakistan and Azerbaijan.

She noted that China, the UAE, India, Kazakhstan, Turkey, Indonesia and Iraq were the top destinations of Iran's petrochemical products.

Iran mainly exported bitumen to India, UAE, Pakistan, Qatar, Myanmar, Oman, Bangladesh, Malaysia and Kenya, Nabati said.

She added that the Islamic Republic exported $164 million worth of engine oil and paraffin in the 10-month period to various countries including India, China, Pakistan, Turkey and Afghanistan.

Iran's paint, resin and glue exports accounted to $170 million in the period, of that 38 percent was sold in the Iraqi market.

Afghanistan was the next destination of the exports (19 percent), followed by Turkmenistan, Tajikistan and Kazakhstan, according to the official.

It should be noted that the official's statement about the industrial exports fall contradicts with the official data, released by Trade Promotion Organization of Iran.

According to the data, the value of the industrial exports in the first 10 months of the current fiscal tear witnessed a rise by 17 percent, year-on-year.

The Islamic Republic exported 33.282 million tons of industrial products, indicating a rise by 18 percent compared to the same period of the preceding year.

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