Non-Oil Exports: $130b p.a. by 2021

Exports of non-oil goods and services are estimated to reach $130 billion annually by the end of the sixth five-year development plan (2016-21), according to the deputy minister of industries, mining and trade.

“The export of non-oil goods and services is expected to reach $50 billion and $16 billion respectively by the end of the current Iranian year (March 20, 2017). We are planning to double the export of services in tourism, IT industry, transit and techno-engineering fields to reach about $30 billion annually,” Mojtaba Khosrotaj was also quoted as saying by IRNA.

“Non-oil exports outweighed imports in the last Iranian year (March 2015-16), marking the country’s first-ever positive trade balance since the 1979 Islamic Revolution,” said President Hassan Rouhani in early April.

A total of $42.41 billion worth of goods was exported during the period, posting a 16.11% decline compared with the previous year’s corresponding data.

Imports stood at over $41.49 billion, which shows a 22.53% decrease.

According to the Islamic Republic of Iran Customs Administration, a $916 million trade surplus was registered for last year. Based on the latest IRICA report, H1 non-oil exports hit $21.7 billion, indicating a 5.99% rise compared with the corresponding period of last year.

Petrochemicals were the main exported commodity ($8.69), followed by gas condensates ($3.49 billion), natural liquefied gases ($1.94 billion), petroleum gases and liquefied hydrocarbons ($836 million), light crude oil, excluding gasoline ($688 million) and liquefied propane ($636 million).

China was the main export destination, as $3.99 billion worth of goods were exported there. Other destinations included the UAE with $3.4 billion, Iraq with $2.97 billion, Turkey with $2.32 billion and South Korea with $1.78 billion.