Iran Non-Oil Exports Hit $60bln in Two Years

Iran has pocketed around $60 billion from exports of products, services and energy since the US withdrew from the 2015 nuclear deal and imposed its sanctions on the country’s sale of crude two years ago.

A senior official at the ministry of trade (MIMT) said on Tuesday that Iran had shipped a total of 135 million metric tons of non-crude goods and products to other countries between March 2018 and March 2020.

Hossein Modarres said that declared revenues for those shipments reached around $41.3 billion although he insisted that real income derived from exports over the past two calendar years was around $48 billion as many exporters normally declare lower values for their cargoes.

Modarres said that Iranian government and the private sector had gained another $12 billion from the provision of technical, engineering and tourism services to other countries as well as from the exports of natural gas.

He said moving away from oil incomes turned out to be a blessing for Iran as the country is now feeling the minimum possible pressure from a historic crash in international crude prices.

“If there was no national self-esteem for moving away from oil there could be economic shocks because of the freefall in the price of oil in the international markets,” he said, adding, “Iran has been spared of these shocks (through) relying on export revenues.”

For the past two years, Iran has adopted various measures to help boost exports of various goods and services including lowering tariffs and taking steps to shore up key sectors of the economy like agriculture and manufacturing.

Petrochemical products still account for a bulk of Iran’s exports to other countries followed by metals and raw minerals, agrifood and handicraft.

In May 2018, US President Donald Trump pulled his country out of the 2015 nuclear deal between Tehran and world powers, also known as the Joint Comprehensive Plan of Action (JCPOA), and later imposed sanctions on Iran.

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