Economy, Domestic Economy

Progress Reported in Non-Oil Exports

Progress Reported in Non-Oil Exports
Progress Reported in Non-Oil Exports

The value of non-oil exports significantly rose over the past Iranian month of Dey (ending on January 20th) with the trade balance positive territory. Iran exported 7.439 billion dollars worth of commodities over the period, and the trade balance stood at 2.2 billion dollars, according to a report released by Islamic Republic of Iran Customs Administration (IRICA).

The IRICA also announced that it is the first time a new technology called ‘General Customs System’ has been used in generating the monthly data. This new technology lowers the time for generating the data and increases its accuracy.

Meanwhile, non-oil exports earned $42,584 million during the ten months of the current Iranian year (to end March 20), compared with the similar period’s figure of $43.6 billion dollars, indicating that Iran’s trade balance over the first ten months was $1,093 million negative.

According to the report Iran’s non-oil exports increased nearly 24 percent in the first ten months of the current Iranian year compared with the similar period last year.

According to the government’s projections for the next fiscal year (starting on March 21), state revenues from non-oil exports should reach $61 billion. To achieve the goal, the government is trying to implement various plans, including a tax-exemption program for exporters, in an attempt to stimulate exporting activities.

The Supreme Council of Development of non-oil exports recently submitted a proposal to the government, asking it to provide exporters and all those engaged in economic activities with special banking loans. If ratified, the move will significantly boost Iran’s non-oil exports to the international market.