Home appliance sector accounts for 13% of Iran GDP: Industry official
A senior industry official says the Iranian home appliances sector has expanded in size and value in recent years to account for some 13% of the country’s gross domestic product (GDP).
Abbas Hashemi, who serves as secretary of Iran’s Association of Home Appliances Industries, said on Wednesday that the sector also accounts for 1.4% of gross national income (GNI) in Iran.
Hashemi said that home appliances industry in Iran has experienced an average increase in annual output of 5% to 20% over the past years.
He said the industry is currently worth $6.5 billion, adding that up to 70% of the demands in the industry, including equipment and raw material, are sourced from domestic suppliers.
Iran has increasingly relied on domestic manufacturing of home appliance since 2019 when it imposed a ban on imports of major international brands, including those supplied from South Korea.
Experts say support for domestic manufacturers has clearly paid off as it has saved billions of dollars in annual imports while creating jobs for Iran’s youth.
A report published in June showed that Iran’s exports of home appliances had earned the country some $400 million in the year to late March.
Industry figures shows that total output of home appliances in Iran reached 19.5 million units in the year to late March, up by 18.2% from the previous year.
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