Iran reduces import by 30 percent

Business Materials 5 July 2011 18:02 (UTC +04:00)

Azerbaijan, Baku, July 5/Trend/

Iran reduces consumer goods import by 30 percent in connection with the increase in global prices compared to last solar year (ended on March 20,2011), Mehr News Agency reported quoting Chairman of import assembly Mohammad Hossein Barkhordar as saying.

"The increase in global prices prompted Iranian importers to reduce consumer goods, in particular, sugar which increased by $120 per ton in the global market," he said.

The government plans to reduce sugar import by 20 up to 30 percent. However, the government should implement new plans as a result of increasing the prices in the global market, he added.

Reducing import before holy month of Ramadan may lead to the increase in cargo traffic, which damages domestic production and consumer health.

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.