Iran reports 46% surge in exports in past month

2021-05-22 22:47:04
Iran reports 46% surge in exports in past month

Iran has reported a surge in the value of exports in the two first months of the current calendar year beginning late March as the country seeks to offset losses suffered last year because of coroanvirus restrictions on trade.

The Iranian customs office IRICA said on Tuesday that exports from the country had reached a total of $5.6 billion in the 55 days to May 15, up 46% against the same period last year.

IRICA chief Mehdi Mir Asharafi said that imports had also increased by 28% year on year in mid-May to the same value of $5.6 billion.

Iran had reported a trade surplus of $174 million for the calendar month to April 20 when the total value of trade reached $5.762 billion, up 62.5% compared to the same month in 2020.

Iran’s annual trade value for the fiscal year to March 20 had reached nearly $73 billion of which some $34.256 billion exports had come from exports.

Government authorities say trade to and from Iran over the last calendar year was acceptable while insisting that exporters could have shown a much better performance if the coronavirus had not hit the shipments.

Iran has relied more on trade revenues in recent years especially since the United Sates imposed its sanctions on the country’s crude oil exports in 2018.

The government has introduced an array of incentives to help boost exports, including more support for increased agricultural output.

Petrochemcials and mining products still account for a bulk of Iran’s export revenues while China continue to remain the country’s top trade partner.

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