Iran announces second trade surplus in 37 years

By bne IntelliNews March 30, 2017

Iran has posted its second trade surplus in 37 years, according to a March 30 Islamic Republic News Agency (IRNA) report citing customs data.

The news could boost moderate President Hassan Rouhani who will seek re-election on May 19.

Non-oil exports for the past Iranian calendar year (which ended last week) exceeded imports by $246mn, the article added.

The customs statistics reportedly showed non-oil exports reaching $43.9bn, a 3.5% increase y/y. Imports hit $43.6bn, marking a 5.2% improvement y/y.

International sanctions imposed on Iran were removed in January 2016 following the nuclear deal agreed with major powers, enabling the Islamic Republic to ramp up trade.

Import flows have, meanwhile, been restrained by the weak rial and by the fact that Iran learned how to make many products for itself during the years of sanctions.

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