Non-oil exports hit $8.4b in 2 months, up nearly 9% yr/yr

June 9, 2019

TEHRAN – The value of Iran’s non-oil exports reached $8.4 billion in the first two months of the current Iranian calendar year (March 21-May 21), up 8.9 percent compared to the last year’s same period, IRNA reported on Sunday quoting the acting head of TPO.

Meanwhile, the country’s imports stood at $6.7 billion, registering an eight percent fall compared to the last year’s same time span, according to Mohammadreza Modoudi.

The official also put the country’s services exports at $1.6 billion, 17 percent more than the last year’s two-month figure.

According to the data released by the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s non-oil trade stood at $4.87 billion during the first Iranian calendar month of Farvardin (March 21-April 20, 2019).

The value of non-oil trade during the first month of this Iranian calendar year fell 17 percent compared to that of the same month of the past year.

Exporters re-inject $4b into NIMA

Speaking in a press conference in Tehran, Modoudi further mentioned the revenue which the exporters re-inject into the country’s economy, saying, “Since the beginning of the current year, nearly $4 billion has been re-injected into the country’s Forex Management Integrated System (locally known as NIMA).

The official praised the Central Bank of Iran’s (CBI) efforts for managing the foreign currency market and noted that since CBI’s foreign currency reform, over $18 billion of foreign currency has been re-injected into NIMA by exporters.

In late May, CBI unveiled a directive package which provided the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy.

In the same month, the CBI Governor Abdolnaser Hemmati said the country’s exporters have re-injected 60 percent of their total exports revenues in the form of foreign currency into the country’s financial system.

The Iranian government provides the country’s exporters with foreign currency at a low exchange rate in order to encourage foreign trade, however the exporters are expected to return part of their revenues in form of foreign currency.

EF/MA

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