Trade Tumbles to 10-Year Low

Iran's foreign trade, excluding crude oil, declined to a 10-year low in the fiscal 2020-21.
Non-oil trade decreased from $105.9 billion in the fiscal 2011-12 by an annual average of 3.9% to $73.9 billion in the last Iranian year that ended on March 20, 2021.
The intensification of sanctions in the fiscal 2011-12 led to, on the one hand, a sharp decline in the export of commodities like chemicals, petrochemicals and petroleum products, as well as nuts and dried fruits, and on the other, government restrictions on imports to economize on foreign currency until the fiscal 2015-16.
Amid heavy sanctions against the Islamic Republic, the government placed an all-out ban, or restriction on imports of commodities.