Iranian minister: Iran should not be afraid of lack of oil exports

Business Materials 10 August 2020 15:26 (UTC +04:00)
Iranian minister: Iran should not be afraid of lack of oil exports

BAKU, Azerbaijan, August 10

By Elnur Baghishov – Trend:

Iran must be as diligent in the production and export of non-oil products as possible in order not to be afraid of the lack of oil exports, Iranian Finance and Economic Affairs Minister Farhad Dejpasand said, Trend reports citing the ministry.

The minister emphasized that Iran needs new technologies to reach the required level of non-oil exports.

Dejpasand added that at present, about 85 percent of Iran's imports are related to raw material imports.

"Iran needs to regulate many programs to attract investors to increase production," he said.

As a result of US sanctions against Iran in November 2018, Iran's oil exports fell sharply. Due to the decline in oil exports, Iran has put on the agenda to increase exports of petroleum products and non-oil products.

Iran exported more than 30 million tons of non-oil products worth $8.71 billion during the first four months of the current Iranian year (March 20-July 21, 2020). The top five main countries importing from Iran were China, Iraq, the UAE, Afghanistan and Turkey.

During the reporting period, Iran imported 12 million tons of products worth $10.9 billion, mainly from China, the UAE, Turkey, India and Germany.