Foreign currency rise in Iran causes drop in bolts & nuts imports

Business Materials 4 February 2019 15:30 (UTC +04:00)

Tehran, Iran, Feb. 4


The foreign currency fluctuations in Iran have caused a drop in imports of bolts and nuts, while the country’s domestic production has suffered as well.

In an interview with Trend, Nouroldin Mehri, head of the Fasteners Suppliers Union in Iran, has discussed the domestic production of nuts and bolts in the current situation after the US re-imposed its sanctions.

“The imports have become difficult since there is no possibility of issuing permits for the nuts and bolts imports. Blocking the imports has created problems in domestic production and in supplies, therefore there is a price rise and scarcity,” he said.

“Around 70 percent of the goods in the sector are imported, and due to a rise in foreign currency rates, the imports have dropped and the domestic production has fallen as well.”

He noted: “Iran annually produced 100,000 tons of nuts and bolts. Due to the current recession, the consumption of these items in the market has dropped by 60,000 tons.”

“Nuts and bolts can be used everywhere, from aircraft manufacturing to creating dolls. Therefore, there is a general demand for them, but whenever there is a recession, the market is hit as well,” he added.