Economy, Domestic Economy

Falling Exports Blamed on Gas Condensates

Falling Exports Blamed on Gas CondensatesFalling Exports Blamed on Gas Condensates

The drop in non-oil exports in the first two months of the current Iranian year (started March 20) compared to the similar period of the previous year is due to the decline in gas condensate exports, an official with the Trade Promotion Organization of Iran affiliated to the Ministry of Industries, Mining and Trade said. Mahmoud Bazari also said Iran’s non-oil exports stood at $6.85 billion for the two-month period, registering a 14.68% decline, according to the Islamic Republic of Iran Customs Administration, ISNA reported. Exports mainly included gas condensates ($1.88 billion), petroleum gases and liquefied hydrocarbons ($272 million), ferrous products and non-alloy steel ($247 million), liquefied propane ($237 million) and bitumen ($201 million). By non-oil exports, IRICA refers to all commodities, except crude oil, as it includes oil-derived goods in the category. “Exports have in fact risen 3%, if we exclude the condensates,” he said. Exports of gas condensate, according to the official, posted a sharp fall of more than 55%. Petrochemical exports grew 15.4% while exports of other non-oil sectors, including agriculture, mining, industries and handicrafts, plunged 6.8%.