Iran imports more than 29,400 passenger cars in 8 months
Date
12/1/2024 4:05:42 AM
(MENAFN) Foroud Asgari, head of the Islamic Republic of Iran Customs Administration (IRICA), reported that Iran imported 29,418 passenger cars in the first eight months of the current Iranian calendar year, from March 20 to November 21. The total value of these imported vehicles was USD617.5 million, reflecting a significant increase in car imports.
Asgari pointed out that car imports had risen dramatically, with the number of cars increasing by 736 percent and their value soaring by 784 percent compared to the same period last year. This sharp rise follows the decision made by the Iranian Ministry of Industry, Mining, and Trade in May 2022 to lift the ban on car imports, which had been in place for several years.
The decision to allow car imports was driven by efforts to reduce the imbalance between supply and demand in Iran’s domestic car market. The ban on imports had caused a shortage of vehicles, pushing prices up and creating challenges for consumers. By lifting the ban, the government aimed to alleviate some of these issues and improve the overall economic conditions, particularly in terms of boosting foreign currency revenues.
The lifting of the import restrictions has had a profound impact on the Iranian economy, providing relief to the domestic car market while also contributing to the country’s foreign currency reserves. This move is part of broader efforts to stabilize the economy and address market shortages, with the goal of ensuring greater availability of goods for Iranian consumers.
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