Iran shifting car imports source from UAE to Europe

Business Materials 28 June 2015 18:04 (UTC +04:00)

Tehran, Iran, June 28

By Mehdi Sepahvand - Trend:

Iran's source of car import is shifting from the UAE to Europe while imports have been on decline recently.

The decline followed a regulation introduced by Industry, Mine, and Trade Minister Mohammad Reza Nemadzadeh a few months ago.

During the current Iranian fiscal year (which started March 21), some 10,000 cars have been imported to Iran. That shows 51 percent decline compared to the same period last year, Mehr news agency reported June 28.

Last year's imported car number was 21,464 and worth over $245 million.

What is interesting is that the share of European cars in the period has been on the rise.

Germany, UK, and even Australia have each found a place in the Iranian automobile market.

The imports from the UK are mostly electric cars, while those imported from Australia are mostly Toyota Camry. Germany has been the source of Mercedes-Benz mostly while the UAE was the gate for the import of KIA, Hundai, Toyota, Mercedes-Benz, BMW, and Renault. From Kuwait Iran mostly imported KIA Sportage and Hundai Sonata.

According to Iran's Trade Development Organization, last Iranian fiscal year (which ended March 20) 711 cars with engine capacities larger than 2500 cc were imported. Those were worth $29.5 million. 500 cars among those went to the Police while 25 went to foreign embassies.

The latest report by the Iranian Customs Administration shows no mention of Porsche or Maserati in the past three months.

Follow the author on Twitter: @mehdisepahvand