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Iran limits ban on exports of goods to 34 items

Business Materials 12 November 2012 13:22 (UTC +04:00)

Azerbaijan, Baku, Nov.12/ Trend G.Mehdi/

Iran has narrowed the list of export goods which have been banned to 34 items from an initial 52, ILNA reported on Monday.

On Saturday, the Trade Promotion Organisation of Iran released a new list of goods including wheat, sugar, meat, corn, dairy products, livestock, confectionery, iron products, rice, and some specific petrochemicals.

Authorities have divided imports into 10 categories based on how essential they are seen to be and will provide importers with dollars at a subsidised rate to buy basic goods.

Import permission for some luxury goods were no longer being issued until there is a final review, according to reports.

Those products not produced domestically will be removed from the list of banned items, but most of the named products are produced in the country and there is no need to import them.

Western sanctions over Iran's controversial nuclear activities have caused a shortage of foreign currency in the country sparking the collapse last month of the Iranian rial and sending inflation soaring.

Due to sanctions imposed on the banking sector, Iranian imports have declined by over 10 per cent to $26 billion in the six-month period from March 2012 compared to the same period last year, according to official figures.

Most imports in the period comprised raw materials, intermediate product and industrial spare parts.

Consumer products including those deemed as luxury by the trade ministry accounted for nearly 28 per cent of total imports in the six-month period, the figures show.

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