Iran imports more than 22,000 passenger vehicles in first half
Date
10/6/2024 9:17:27 AM
(MENAFN) The Islamic Republic of Iran Customs Administration (IRICA) reported that 22,264 passenger cars were imported into the country during the first six months of the current Iranian calendar year, spanning from March 20 to September 21. The total value of these imported vehicles amounted to USD438.668 million, according to a report by IRIB. This significant increase in car imports marks a notable development in Iran’s automotive market following the lifting of a long-standing ban.
Comparatively, the number of cars imported during the same period last year was significantly lower, with only 1,736 units valued at USD36.565 million. This sharp rise in both the number and value of imported cars reflects the growing demand for passenger vehicles in the country, as well as the impact of the policy changes made by the Iranian government in recent years.
In May 2022, Iran’s Ministry of Industry, Mining, and Trade lifted the ban on car imports, a move designed to address the imbalance between supply and demand in the domestic market. The ban, which had been in place for several years, was lifted in an effort to boost economic conditions by increasing access to foreign-made vehicles, which had become scarce due to previous restrictions. By opening up the market, the government aimed to improve the overall availability of cars and provide relief to consumers facing high prices and limited choices.
This policy change was also part of a broader strategy to improve Iran’s economic conditions, particularly in terms of foreign currency revenues. By allowing more cars to be imported, the country sought to manage its foreign exchange reserves more effectively and stimulate economic activity in the automotive sector. The increase in car imports suggests that the government's measures have had a substantial impact on market dynamics, as Iran continues to balance its domestic production with international imports.
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