Iranian foreign trade reaches USD100 billion in first 7 months

(MENAFN) The head of the Islamic Republic of Iran Customs Administration (IRICA), Mohammad Rezvanifar, announced that Iran's foreign trade reached a substantial USD99.7 billion during the first seven months of the current Iranian calendar year, which spans from March 20 to October 21. This figure reflects the country's ongoing engagement in international trade, highlighting both export and import activities.

Out of the total trade value, Iran's exports accounted for USD60.2 billion, while imports were valued at USD39.5 billion. Delving deeper into the export figures, Rezvanifar reported that non-oil exports contributed USD32.5 billion, oil exports reached USD27 billion, and technical-engineering exports amounted to USD700 million during this seven-month period. This diversification in export categories indicates a concerted effort to bolster various sectors of the economy.

Rezvanifar also noted a significant growth in non-oil exports, which rose by 15 percent compared to the same period last year. The total weight of non-oil exports during these seven months was recorded at 88.7 million tons, representing an 11.48 percent year-on-year increase in volume. This growth reflects an expanding market for Iranian non-oil goods, which is crucial for the country's economy, especially amid ongoing sanctions and economic challenges.

In terms of imports, the total weight for the seven-month period was reported at 21.7 million tons. Additionally, Rezvanifar highlighted trends in pricing, stating that the average value of each ton of exported goods increased by three percent, reaching USD367. Conversely, the average cost of imported products rose by six percent to USD1,819 per ton during the same period compared to the previous year. These changes in pricing indicate shifts in the market dynamics for both exports and imports in Iran's economy.

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