Foreign garment prices increase

Financial Tribune- The prices of foreign garments in the Iranian market have increased by 10-15% since the beginning of the current fiscal year on March 21, Majid Nami, a member of Iran Textile Exporters and Manufacturers Association, said.

According to the Persian economic daily Donya-e-Eqtesad, there are two main reasons behind the price rise: devaluation of domestic currency and high end prices caused by high rental rates for manufacturers, high transportation costs and high wages. Iran’s garment market is replete with contraband brought into the country via illegal channels.

According to Ahmad Kimiaei of the Tehran Chamber of Commerce, Industries, Mines and Agriculture, contraband accounts for 90% of the Iranian garment market. Chairman of Trade Promotion Organization of Iran Mojtaba Khosrotaj recently said Iran’s official apparel imports during the last Iranian year (March 2017-18) stood at around $59 million. Statistics from the International Trade Center suggests world apparel exports to the country hit $1 billion during the period. The staggering difference between the figures indicate the high volume of smuggled garments ($941 million) last year, Fars News Agency reported.