Iran’s trade balance is improving

TEHRAN, Oct. 16 (MNA) – Data released by the Islamic Republic of Iran’s Customs Administration (IRICA) on the imports and exports during the first half of the current fiscal year (March 21-Sep. 22) indicates a ‘trade surplus’ in the country’s transactions, said a senior official.

According to Head of Iran's Trade Promotion Organization (TPO) Mojtaba Khosrotaj, Iran exported over $23 billion worth of goods in the first six months of the current year, showing a 13% increase in comparison to the same period last year.

On the other hand, the official noted, the country’s imports stood at $22.182 billion during the first half of this year, while the imports during the first half of last year had exceeded $25 billion.

He noted, therefore, the increase in exports and the decline in imports have changed Iran’s $4.5 billion trade deficit of last year to a $940 million trade surplus this year.

The official referred to Iraq as one of Iran’s major target markets, saying, the exports to the neighboring country reached $4.5 billion during the first half, registering a 45% hike from a year ago.

He concluded that Iran is eyeing to increase the number to $9 billion by the end of the year (March 20, 2019).

MR/IRN83067796

News Code 138756

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