TEHRAN, Jan 21 (Bernama) -- Iran's annual imports are projected to fall by US$7 billion in the next Iranian calendar year beginning March 21, said Deputy Industry Minister Hamid Safdel.
Total annual imports have varied between US$55 and 60 billion in recent years with imports expected to decrease by US$4 to 5 billion in the current Iranian calendar year, Iranian Mehr News Agency (MNA) reported.

Non-oil imports fell by more than US$4.7 billion during the first nine months of the current calendar year over the same period last year, according to figures from the Customs Administration.

Although non-oil exports rose by US$462 million, the number has fallen sharply due to sanctions imposed by the US and Europe against the Islamic Republic.

The sanctions have diminished oil exports to around 800,000 barrels per day from about 2.5mbpd in the beginning of the year.

Iran conducted US$71.2 billion in trade of non-oil goods with other countries during the 9-month period, Customs Administration director Abbas Memarnejad was quoted as saying last December.

Iraq, China, the United Arab Emirates, Afghanistan and India were the top importers of Iranian goods during that period, while the United Arab Emirates, China, Turkey, South Korea and Switzerland were leading exporters for Iran.

Iran currently conducts trade with 151 countries, with liquefied propane, urea, methanol and cement making up major exported goods and iron and steel ingots, wheat and soy meal being the main imported commodities.

The US and European Union (EU) imposed new sanctions on Iran's oil and financial sectors last year. In October that year, the EU approved a new set of economic sanctions on Iran.

By Bernama

 

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