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Iran sees $3.1B car and spare part exports

Business Materials 2 September 2015 17:23 (UTC +04:00)

Baku, Azerbaijan, Sept. 2

By Fatih Karimov - Trend: Iran plans to exports as much as $3.1 billion of cars and spare parts in Iranian fiscal year 1396 (March 2017-March 2018).

The Ministry of Industry, Mining, and Trade has predicted that $2.2 billion worth of cars and $900 million of spare parts will be exported in the mentioned year, Iran's ISNA news agency reported September 2.

Exports of car and spare parts are projected to hit $15 billion and $6 billion, respectively, in Iranian fiscal year 1404 (March 2025-March 2026).

The country manufactured 1.13 million vehicles in the past Iranian calendar year, which ended on March 20, showing 53 percent growth compared to its preceding year.

The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market. 



Latest data shows that Iran ranks 18th on the list of the world's top auto manufacturers.

Edited by CN

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