Iran’s trade balance would be negative without oil revenues: official

Business Materials 24 October 2011 12:05 (UTC +04:00)

Azerbaijan, Baku, Oct. 24 / Trend F.Milad/

The Iranian Chamber of Commerce, Industries and Mines chairman Mohammad Nahavandian has said that the country's trade balance would be negative without taking oil incomes into account.

Addressing a meeting of economic entrepreneurs in northern Golestan province on Sunday, he added that establishing private sector economic entities is a must to materialize revolution in Iran's economy, the Mehr news agency reported.

To this end, the domestic economy should be privatized and the government should only preside over economic activities, he stressed. Policies should be revised, necessary entities should be established and unnecessary entities should be removed in this regard, he said.

The US Energy Intelligence Administration says Iran's oil revenue for 2010 was nearly $70 billion.

Iran exported 37.3 million tons of cargo valued $20.4 billion during first half of current solar year (started on March 21).