Economy, Auto
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Ministry Sets Grand Auto Export Targets

Ministry Sets Grand Auto Export Targets Ministry Sets Grand Auto Export Targets

Iran plans to export cars and spare parts worth $3.1 billion in the Iranian fiscal year 1396 (March 2017- 18).

The Ministry of Industries, Mining and Trade has predicted that $2.2 billion worth of cars and $900 million of spare parts will be exported in the period, ISNA reported. The export of cars and spare parts are projected to hit $15 billion and $6 billion, respectively, in the Iranian fiscal year 1404 (March 2025-26).

The country manufactured 1.13 million vehicles in the last Iranian year (ended March 20, 2015), showing a 53% growth compared to the preceding year.

The automobile industry, the biggest non-oil sector of Iranian economy, comprising around 10% of gross domestic product, boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the monopolized domestic car market.

Latest data show Iran ranks 18th among the world’s top auto manufacturers.

 

Financialtribune.com