Iran’s services exports at $12bn in year to March: Official
Iran’s exports of services, including technical and engineering services, reached a total of $12 billion in the year to late March, according to an official in the country’s Trade Promotion Organization (TPO).
TPO’s deputy head for promotion of international businesses Mohammad Sadegh Ghannadzadeh said on Sunday that services exports from Iran had increased by nearly 20% in value terms in the calendar year to March 19 compared to the year before that.
Ghannadzadeh said Iran counts on services exports as a major and reliable source of earning hard currency revenue, adding that increased services exports from the country would lead to a rise in exports of goods and commodities in the future.
The official said technical and engineering services from Iran had reached nearly $2.5 billion over the past calendar year.
He said Iranian suppliers of engineering services face various problems in other countries, including sanctions on banking services which restricts their access to letters of credit issued by the banks to guarantee payments for their projects and services in those countries.
Ghannadzadeh said the Iranian government has plans in place to resolve the issue, adding that the country plans to triple the value of its engineering and technical services exports to $6 billion in the next two years.
Iran has sought to rely more on non-oil exports in the past years as part of a campaign to reduce the impacts of US sanctions on its oil exports.
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