TEHRAN- Iran imported 36,127 cars worth over $847.235 million in the first ten months of the current Iranian calendar year (March 21, 2015-January 20, 2016), according to the Fars News Agency.

The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market.    

Iran ranks 18th on the list of the world’s top auto manufacturers.    

Global automakers are in a race for new business in Iran following the signing of a nuclear accord between Iran and world powers on July 14, 2015, which ends economic sanctions against Iran in exchange for restrictions on its nuclear program.   

Iranian carmakers manufactured 1.13 million vehicles in the past Iranian calendar year (March 2014-March 2015), showing 53 percent growth compared to its preceding year.    

MA/