Economy

Minister of Economy: Iran’s non-oil exports hit $47.8 bn

Iran's non-oil exports have shown a significant increase, reaching $47.8 billion over the first ten months of the current fiscal year. That’s According to Iran’s Minister of Economy Abdolnasser Hemmati.

The increase marks an 18% growth compared to the same period last year.

Hemmati said Iran’s imports during this period amounted to $56 billion, reflecting only a 3% increase.

He added that when excluding gold imports valued at $6.3 billion, the import figures indicate a 10% decrease compared to the previous year.

The Iranian minister of economy also said the trade balance for non-oil goods has improved as well and regardless of gold imports from the past two years, the trade deficit has narrowed from $12.5 billion to $2 billion.

Hemmati’s comments come at a time when Iran has been grappling with Western sanctions for many years, with most of the bans having been imposed on the Islamic Republic by the US.

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