Iran Foreign Trade Volume Hits Over $42b in H1

IRAN NEWS ECONOMIC DESK

TEHRAN – Head of the Iran Export Confederation says Iran’s foreign trade volume exceeded $42b in first half of the current year as $20.9b accounts for exports’ share.

Speaking in a press conference yesterday, Mohammad Lahooti said that the total foreign trade volume of the country exceeded $42.1b in the first half of the current year, adding that imports’ share of the total volume was $21.2 and the value of exports stood at $20.9b.

He added that Iranian exporters could export 70.09m tons of goods worth over $20.9b and the figure shows 22.5 percent growth in terms of weight comparing to the same period last year but the value of exports dropped by 10.5 percent.

Lahooti added that China was the top destination for Iran’s exports, adding that for a short period Iraq had replaced China as Iran’s top exports destination.

He added that Iran exported goods worth $5.1b to China in first half of the year which accounts for 24% of Iran’s total exports value.

He went on to say that according to Iran’s Customs Administration’s latest report, Iran has exported goods to Iraq worth $4.6 in the first half of the year and 22 percent of total value of Iran’s exports in the first half belongs to exports to Iraq.

Lahooti noted that Turkey is the third destination for Iran’s exports, adding that Turkey has replaced the UAE at the third place for months, adding that the value of exported goods to Turkey was $2.5b which accounts for 12 percent of total value of exports.

Iran Foreign Trade Volume Hits Over $42b

He went on to say that China has been Iran’s top major exports destination for years either in imports or exports, admitting that the trade with China has also declined but the country is still the number one partner.

Lahooti went on to say because of sanctions, India is no longer among Iran’s exports destinations as the country is Iran’s fourth trade partner.

Germany is the only major European trade partner of Iran, he said, adding that Germany stood fifth by the total trade volume of $1.1b.

Lahooti went on to say that the volume of sale of forex resulted from exports has also increased and over 10.3b euros have been sold through NIMA mechanism. He admitted that most of exporters prefer to use the resulted forex from their exports in imports of goods or raw materials.