News / Economy

Iran posts over $700mn trade deficit for April-May

Sunday, 31 May 2020 11:36 AM [ Last Update: Sunday, 31 May 2020 11:36 AM ]

Iran’s trade figures for the period between late March and late May shows a deficit of over $700 million.

Iran has posted a trade deficit of just over $700 million for the initial two months of the current calendar year spanning late March and late April.

Figures published by Iran’s customs office (IRICA) on Sunday showed that trade between Iran and major partners had flowed smoothly despite obstacles faced because of a series of American sanctions that have targeted the country’s trade as well as its banking system.

IRICA figures showed that Iran had imported $5.041 billion worth of goods between March 20 and May 21, while exports had topped $4.3 billion.

However, exports in volume terms far exceeded that of imports with 14.5 million metric tons against 6.5 million tons, respectively, showed the figures.

China topped the list of main export customers with $1.190 billion worth of non-crude goods imported from Iran. Iraq came second with $1.107 billion followed by the United Arab Emirates (UAE) on $0.682 billion.

Main exporters to Iran were China with $1.234 billion worth of goods shipped, followed by the UAE on $1.078 billion and Turkey on $535 million, showed the IRICA report.

Pandemic causes 3-fold surge in freight rate between Iran, Qatar

The trade started to thrive when Qatar came under a blockade by Saudi Arabia and allies in June 2017.

Iran has managed to narrow its annual trade deficit as exports of non-crude goods and products has surged since the United States imposed its inclusive sanctions on the country’s sale of oil.

Experts say increasing exports of agrifood, petrochemicals and other goods from Iran is a sign the country is gradually diversifying its economy away from normal oil revenues.

The Iranian government aims to reach an annual target of $50 billion worth of non-crude exports in the upcoming years to compensate for the losses suffered from slashed oil shipments.

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