Iran’s imports, exports witness increase

Business Materials 6 March 2018 11:29 (UTC +04:00)

Baku, Azerbaijan, March 6

By Gazenfer Hamidov – Trend:

Iran’s non oil exports and imports witnessed increase during the first 11 months of the current fiscal year, started March 2017, Foroud Asgari , head of Iran Customs Administration, said.

Asgari said that the Islamic Republic has exported $41.6 billion worth of non-oil goods in the first 11 months of the current fiscal year (March 20, 2017-Feb. 20).

The figure indicates a rise by 5 percent, Asgari told Mehr news agency March 6.

The official added that the Islamic Republic imported $47.6 million worth of goods in the same span of time, 24 percent more year-on-year.

Some 60-70 percent of the imports are capital and intermediate goods, he said, adding that consumer goods accounted for maximum 20 percent of the imports.

Intermediate goods are products utilized to produce a final or finished product. These goods are sold between industries for resale or for the production of other goods, meanwhile capital goods are used in producing other goods, rather than being bought by consumers.

Iran imported 30.49 million tons of goods, worth $42.805 billion during the first 10 months of current fiscal year (March 20-Jan. 21), which indicates 10.4 percent and 22 percent rise in terms of volume and value respectively compared to the same period of preceding year.

In the 10-month period, Iran’s total non-oil exports, which include gas condensate as well, stood at $37.087 billion, which indicates a 1.7 percent rise.