He said that the country needs to increase non-oil exports to avert adverse impacts of the US sanctions due to the non-stop endeavor by exporters.

Zadbout hoped that Iran would see a surge in non-oil exports next year.

The value of Iran’s non-oil exports to its 15 neighbors stood at $16.6 billion during the first ten months of the current Iranian calendar year (March 20, 2020 – January 19, 2021).

The country has imported 14.4 million tons of non-oil goods worth $14 billion from the neighboring countries in the mentioned 10-month period.

As stated by the head of Iran’s Trade Promotion Organization (TPO), the country is capable of doubling non-oil exports to its neighbors in two years.

Hamid Zadboum has said that considering the future capacities, the TPO has planned to increase non-oil exports to the neighboring countries to about $100 billion in a two-year time span, in a way that Iran’s share of the regional markets will significantly go up.

Iran shares borders with fifteen countries, namely the United Arab Emirates, Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia whose total value of annual imports exceed $1000 billion.

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The official also put the country’s services exports at $1.6 billion, 17 percent more than the last year’s two-month figure.

According to the data released by the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s non-oil trade stood at $4.87 billion during the first Iranian calendar month of Farvardin (March 21-April 20, 2019).

The value of non-oil trade during the first month of this Iranian calendar year fell 17 percent compared to that of the same month of the past year.

Exporters re-inject $4b into NIMA

Speaking in a press conference in Tehran, Modoudi further mentioned the revenue which the exporters re-inject into the country’s economy, saying, “Since the beginning of the current year, nearly $4 billion has been re-injected into the country’s Forex Management Integrated System (locally known as NIMA).

The official praised the Central Bank of Iran’s (CBI) efforts for managing the foreign currency market and noted that since CBI’s foreign currency reform, over $18 billion of foreign currency has been re-injected into NIMA by exporters.

In late May, CBI unveiled a directive package which provided the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy.

In the same month, the CBI Governor Abdolnaser Hemmati said the country’s exporters have re-injected 60 percent of their total exports revenues in the form of foreign currency into the country’s financial system.

The Iranian government provides the country’s exporters with foreign currency at a low exchange rate in order to encourage foreign trade, however the exporters are expected to return part of their revenues in form of foreign currency.

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Modoudi also mentioned increasing the volume and diversity of the products to be exported to the neighboring countries, strengthening specialized export unions, development of large export companies, and establishment of international consortiums as the main responsibilities that the Ministry of Industry, Mining and Trade has specified for TPO.

In a press conference in late January, the official had said that Iran will not solely rely on Iran-Europe trade mechanism, known as special purpose vehicle (SPV), for developing foreign trade and it will rather use its own capacities and capabilities in doing so.

He said despite the U.S. efforts for isolating Iran, the country has a good economic relationship with its neighbors and Iran’s foreign trade is flourishing strongly.

Mentioning the great potential of Iran’s neighboring markets, the TPO acting head said, “Iran’s neighbors have a $1 trillion import capacity annually, and considering the U.S. sanctions we should focus more on our neighboring markets.”

Surrounded by fifteen neighboring countries through land and sea, Iran enjoys a very strategic geopolitical and economic position in the Middle East and considering the U.S. recent actions for increasing pressure on the country’s oil industry, many economy experts and scholars believe that Iran should retaliate by focusing more on improving domestic production and increasing non-oil trade especially with its neighboring countries.

As mentioned before, Iran shares border with fifteen countries, namely the United Arab Emirates, Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia.

Based on the latest data published by TPO, the value of trade with the neighboring countries stood at over $36.5 billion in the past Iranian calendar year (March 2018-March 2019), that is about 41 percent of the country’s total non-oil trade in the mentioned time span.

The country, however, doesn’t have equal trade with all the mentioned nations and Iraq, Afghanistan, Pakistan, Oman, Azerbaijan, Kuwait and Turkmenistan account for most of Iran’s trade with its neighbors.

As Iran’s top trade partner in the region, Iraq is one of the most important nations that the Islamic Republic is closely interacting with on many levels and considering the two country’s great potentials for mutual trade, both sides are eager for increasing their trade turnover to a level much higher than its current amount.

The Arab neighbor supplies most of it electricity and gas needs from Iran and imports a wide range of non-oil commodities from Iran including foodstuff, home appliances, agricultural products, air conditioners and spare car parts.

Iran and Iraq’s current trade turnover stands at $12 billion which is the highest among all the neighboring countries. Earlier in March, Iranian President Hassan Rouhani announced in an Iran-Iraq business forum in Baghdad that the two countries plan to boost this number to $20 billion in the near future.

Iran’s non-oil trade data for last year indicates that exports to Iraq accounted for more than 37 percent of Iran’s total exports to the neighboring countries and the number increased by over 36 percent compared to the preceding year. In terms of imports, however, Iraq stands at the seventh place among exporters to Iran in the region which consequently pushes the trade balance between the two countries significantly positive toward Iran.

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During the first six months of 1397, Iran exported 56.64 million tons of non-oil goods to the world, showing 3.27 percent decrease compared to the same time in the preceding year, the report added.

Italy, Germany, Belgium, Spain, the Netherlands, France, England, Greece, Austria, Poland, Slovakia, Portugal, Denmark, Croatia, Switzerland, and the Czech Republic are the top 16 European destinations, among 100 across the world, for Iranian non-oil exports.

According to the data, Iran’s non-oil exports to Croatia witnessed the biggest rise among other European countries in the said time. i.e., exporting 6,942 tons of goods at the value of $3.23 million, the same report confirmed.

As European Union’s statistics agency Eurostat reported earlier in June, the trade between Iran and European Union countries during the first three months of 2018 stood at €5.3 billion, the same as the figure of the first quarter of 2017. EU members imported €2.912 billion of Iranian goods from January to March of 2018, showing five percent increase from €2.777 billion in first quarter of 2017.

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Jahangiri has required the Iranian industry ministry to attach Iran’s exports destinations and goals within ten days of the announcement of the package to it.
The ministry is also in charge of supervising the full implementation of the prepared package.

Iran’s non-oil exports stood at $46.931 billion in the past Iranian calendar year of 1396 (ended on March 20), with 6.56 percent growth from $44.42 billion in its preceding year, according to the data released by the Islamic Republic of Iran Customs Administration (IRICA).

Iran’s imports of the non-oil products during the past calendar year stood at $54.302 billion, indicating 24.31 percent increase from the figure of its preceding year.

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