Economy, Business And Markets

IRICA Revenues Rise 10%

IRICA Revenues Rise 10%IRICA Revenues Rise 10%

Islamic Republic of Iran Customs Administration earned 46.7 trillion rials ($1.32) in during the first four months of this fiscal year (March 20-June 20), which was 10% above the figure for last year’s corresponding period, Mehr News Agency reported.    

The increase in customs revenues come as imports during the period experienced a decline. IRICA data on Iran’s foreign non-oil trade during the four-month period shows that $12.86 billion worth of goods were imported to register a 7.12% drop year-on-year. Exports stood at $16.3 billion, indicating a 21.11% rise.

 According to IRICA, over the four-month period Iran recorded the biggest non-oil trade surplus in recent years to reach $4 billion. In terms of weight, exports stood at 41.1million tons, showing a 36.37% rise while imports amounted to 9.95 million tons to record a 12.79% decrease.

Petrochemicals were among the main exports. Imports mainly included rice, field corn, soybean, soybean meal and auto parts.

The customs administration’s main source of income is from duties levied on imports and sometimes on exports with the dual aim of raising state revenues and/or to protect domestic industries from more efficient or predatory competitors from abroad.