Iran saves $700mln by cutting wheat and oil product import

Azerbaijan, Baku, Nov.8 / Trend F.Milad/

Iran saved about $700 million by reducing the imports of wheat and oil products in the first seven months of the current calendar year (it began on March 21, 2011), the Customs Administration head said.

This action was in line with implementing the subsidy reform plan, Abbas Memarnejad told IRNA news agency.

Total imports hit 20.5 million tons in terms of weight and $34.5 billion in terms of value for the seven-month period, showing 24 percent and 4.2 percent decrease respectively compared to the same period of last year, he added.

Iron and steel bullions, corn and rice were the main imported goods. The UAE, China, South Korea, Germany and Turkey mainly export goods to Iran, the official said.

Iran exported 43.8 million tons of non-oil goods, including gas condensates worth $24 billion during the mentioned period, the Customs Administration said.

The amount shows a 10.4 percent growth in terms of weight and 35.5 percent growth in terms of value compared to the same period of last year, Mehr news agency reported.

Previously, Trade Promotion Organization chief Hamid Safdel said that the value of non-oil exports is expected to hit $43 billion this year.

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