Why It Matters:
The growth in non-oil exports has the potential to enhance the trade balance and bolster economic stability. Given the challenges posed by sanctions and fluctuations in oil prices, Iran is actively working to fortify non-oil sectors and boost the export of non-oil goods.
Key points:
- The non-oil trade deficit, excluding gold imports, has decreased from $12.5 billion to $2 billion in these two years.
- Taking into account more than $30 billion in oil exports during this period, the trade surplus (oil and non-oil) reaches more than $28 billion.
What He Is Saying:
Abdolnaser Hemmati, Iran's Minister of Economic Affairs and Finance, in his social account, said: "According to the latest customs statistics on non-oil trade for the past 10 months since the beginning of the year, non-oil exports reached $47.8 billion, an 18 percent increase compared to the same period last year."
Go Deeper:
The expansion of non-oil exports demonstrates the government's commitment to diversifying the economy and diminishing reliance on oil revenues. Economic diversification has the potential to foster enhanced trade partnerships with other nations and promote greater international economic collaboration.
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