12/28/2016, 15.03
IRAN
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Boom in Iran's exports of non-oil commodities: up 10 per cent to US$ 31.59 billion

The trade balance registered a positive gain of US$ 55 million. Imports stand at US$ 31.5 billion, up 4.3 per cent, especially in natural gas, LPG and light industrial oil. Its main partner are China, UAE, and Turkey. Iran’s economic and trade partnership with Germany is also growing.

Tehran (AsiaNews/Agencies) – The latest official figures show that Iran's exports of non-oil commodities over a period of nine months starting 21 March 2016 increased by about 10 per cent, a sign that the its trade is improving after years of sanctions over its nuclear programme.

Figures released by the Customs Administration of Iran show that non-oil exports over the period reached as high as US$ 31.59 billion – up by 9.5 per cent compared to the same period last year. There was also a boom in Iran’s service exports in diverse sectors, including tourism, engineering, and transit.

The data concerning imports stand at US$ 31.53 billion US dollars, up by 4.3 per cent on an annual basis.

Iran’s 9-month trade balance was thus positive with exports exceeding in value imports by US$ 55 million, this despite the still lingering effects of western restrictions and sanctions.

Gas condensate comprised the majority of Iran's non-oil exports over the period at 16.2 per cent with an overall value of US$ 5.12 billion.

Next top exported items were liquefied petroleum gas (LPG) and light industrial oil each with a share of 6.18 per cent and 3.89 per cent and a net value of US$ 1.95 billion and US$ 1.23 billion, respectively.

The main export destinations were China (US$ 5.69 billion), the United Arab Emirates (US$ 5.50 billion), Turkey (US$ 2.71 billion) and South Korea (US$ 2.33 billion).

Figures also show that most imports came from China (US$ 7.51 billion), the United Arab Emirates (US$ 5.10 billion), South Korea (US$ 2.50 billion), and Turkey (US$ 2.18 billion).

There was also a 38.22 per cent increase in imports from Germany over the same period with a total value of US$ 1.78 billion.

After years of embargo, in 2015, Iran achieved a partial easing of Western economic sanctions following an agreement on its controversial nuclear programme, which was largely welcomed by the international community.

Israel and the Republican-controlled US Congress opposed it, and now everyone is waiting to see the first moves of US President-elect Trump.

During the election campaign, he threatened to scrap the deal, but at present nothing is known about what the new president will do.

In recent months, Washington has blocked the use of US dollars in financial transactions, thus stopping new economic agreements after the nuclear deal.

This decision has affected Europe, in particular its banking sector, and penalising domestic production.

This in turn has helped Iran’s extremist factions and undermined the reform programme of moderate President Hassan Rouhani.

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