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Iran's exports hit nearly $50 B

Business Materials 21 November 2019 09:21
Iran's exports hit nearly $50 B

TEHRAN, Iran, Nov.21

Trend:

Iran's exporttrade volume has reached $49.9 billion during first seven months of current Iranian year (began March 21, 2019), said thehead of Trade Promotion Organization.

"The volume indicates Iran has developed exports and is connected with international markets despite sanctions, said Hamid Zadboum, Trend reports citing IRNA.

"Iran's foreign currency revenues have increased due to growth of the exports and this has improved the economy. In the long-term, exports of raw material will be reduced and the preference will be given to the exports of goods," the official said adding that East Azerbaijan Province can have vital role in exports to Eurasia region.

"Exports of petrochemical products have high value added for the country and currently the foreign currency revenues from this sector have helped to confront sanctions; volume of petrochemical products from downstream industries for export will be increased by four times," Zadboum said.

"About 55 percent of Iran's exports are transported to five countries, and this negatively affects the exports sector," said Deputy Minister of Industry, Mine and Trade Sadeghi Miaraki.

"Currently, increase of production and exports is not possible, given the situation on the domestic market; however, increase of demand in the foreign markets is a good opportunity for the export of Iranian goods," the deputy minister added.

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