Iran’s petroleum products exports rose 40% in value terms in H1 fiscal year
Iran has reported a major surge in the value of its petroleum products exports in the first half of the calendar year 1401 which began in late March.
Hamid Hosseini, board director at Iran’s Association of Oil Products Exporters, said on Wednesday that exports of products manufactured in the downstream section of the Iranian petroleum sector had amounted to some $15 billion in the six months to September 22.
Hosseini said the figure was an increase of 40% compared with the same period in 2021.
He said, however, that oil products exports from Iran had declined by 20% in volume terms year on year in March-September to stand at 26 million metric tons.
Major export products included liquefied petroleum gas (LPG), polymers, methanol, bitumen and industrial lubricants, said the Iranian businessman.
Customs figures show oil products exports were responsible for nearly 55% of total exports reported by Iran for the calendar year 1400.
Those exports earnings helped the country better cope with the economic impacts of US sanctions that have targeted its trade of crude oil.
Iran has introduced various measures to boost non-oil exports in recent years, including to grant tax exemptions, prizes and cheap loans to major exporters.
Analysts say the policy has clearly paid off as Iran reached a value of $48 billion in annual exports in the past calendar year despite suffering from severe trade restrictions imposed by the US.
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