Economy, Business And Markets

23m Tons of Mineral Exports Earn $1.5b

23m Tons of Mineral Exports Earn $1.5b
23m Tons of Mineral Exports Earn $1.5b

Based on statistics published by the ministry of industry, mine, and trade, 23.78 million metric tons of mineral products, worth $1.5 billion were exported in the past Iranian calendar year (ended March 20), IRNA reported.

The exports recorded a 24% decline in terms of value compared to a year before, the report added.

Meanwhile, 32.5 million tons of industrial products, worth $14.98 billion, were exported during the same period, which indicates a 2% increase in weight and a 0.4% rise in value compared with the preceding year.

The mining and industrial sectors together account for one third of the total exports last year, while the two sectors received some 31.2% of the total loans and facilities provided by banks. The two sectors topped the list of borrowers by receiving 1 quadrillion rials from the banks.

Last year, banks paid 3.4 quadrillion rials in loans and facilities to different sectors of the economy, 2 quadrillion of which was granted to provide for the working capital. Based on statistics, the industrial and mining sectors used 81% of the loans to provide liquidity, while they consumed 8.3% of the loans to establish new plants or factories.

The mining sector’s meager 3% share in total exports comes as the sector is expected to play a more pivotal role in economy. The sector has been described as a new source of income, with potential to replace oil revenues. The huge exploration operations across the country suggest that the officials are determined to develop the sector, although these operations are mainly aimed at providing enough iron ore reserves required to increase the country’s crude steel output from the current 18 million tons per year to at least 55 million tons by 2025, as per the National Vision Plan.