Baku, Azerbaijan, June 2
Trend:
Iran’s car imports continue to fall in the second month of the current fiscal year.
The country’s customs administration said that in the first two months of the current fiscal year (March 20-May 21) Iran imported 3,011 passenger cars, registering a huge fall by 73.3 percent compared to the same months of the preceding year.
The value of the imported cars amounted to $78.995 million in the period, which is 76.24 percent less year-on-year.
Meanwhile, the Islamic Republic’s average monthly car import stood at about 5,800 vehicles in the past fiscal year (ended March 2018).
High import tariffs as well as instability in foreign currency exchange rate are the main reasons behind the huge fall in the car import market, according to state-run IRNA news agency.
Iran imported 70,075 passenger cars during the last fiscal year, 8.7 percent less compared to the preceding year.
The value of the imported cars amounted to $1.838 billion in the 12-month period, which is 8.4 percent less year-on-year.
It should be noted that Iran has banned importing cars with engines up to 2,500 CC capacity.