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Iran

Iran’s foreign trade booming

foreign trade

TEHRAN: Iran’s foreign trade has witnessed a growing trend since President Hassan Rouhani took office in August 2013. During the Rouhani administration, Iran’s non-oil trade balance turned positive for the first time in 62 years, meaning the rate of exports exceeded that of imports, the Persian daily Iran reported. Iran’s non-oil foreign trade stood at $87 billion in the last ... Read More »

Iran-UK transactions up 42%

IRAN UK

TEHRAN: Former foreign secretary of the United Kingdom, Jack Straw, said his country’s trade with Iran saw a 42% rise over the past year following the implementation of the nuclear agreement, formally known as the Joint Comprehensive Plan of Action. The 2015 deal between Iran and world powers paved the way for the removal of international sanctions against Iran. In ... Read More »

Iran’s policies harm potential for improving trade with Turkey

enhance trade relations

ANKARA: Turkey and Iran, two of the biggest and most influential countries in the region, have a unique relationship with both countries sharing great potential for trade and tourism, in addition to their cultural, historical and linguistic ties. However, the two are now in a row due to conflicts of interest in the region. In the last half decade, Iran ... Read More »

Iran expects to sign first new IPC oil deal within a month

sign

TEHRAN: Iran expects to sign its first oil deal under the new Iran Petroleum Contract (IPC) model within a month, a senior Iranian official said on Thursday. “We expect that very soon, hopefully within a month we will have the first one to be signed,” Deputy Oil Minister Rokneddin Javadi told a conference in Paris. In January, Iran said 29 ... Read More »

Inflation rate stands at 7.6% in rural areas

inflation

TEHRAN: The Statistical Center of Iran announced that the inflation rate in the rural areas for the 12-month period ended in Farvardin, the first month of the current Iranian calendar year (March 21-April 20), hit 7.6 percent, Tasnim news agency reported on Wednesday. The center also put the point-to-point inflation rate in the rural areas at 11.6 percent in Farvardin. ... Read More »

Iran agrees to make existing trade deal with Pakistan functional

free trade deal

TEHRAN: Iran has agreed to deepen existing trade pact with Pakistan — Preferential Trade Agreement (PTA) — which is dysfunctional for many years, and make it functional with an aim to boost the bilateral trade up to $5 billion by 2020, a senior official at Economic Affairs Division (EAD) said. “However, both sides have decided that there will be no ... Read More »

90% of Iran Foreign Ministry’s interaction focused on economy

economy

TEHRAN: More than 90% of the Foreign Ministry’s negotiations are focused on promoting economic cooperation and expanding export markets, particularly in Central Asia, West Asia, Africa and Latin America, a deputy foreign minister said. Stressing that economic diplomacy is the main priority of President Hassan Rouhani’s government, Morteza Sarmadi added that over the past year and a half, different economic ... Read More »

$3.3b trade surplus in Iran’s mining sector

IRAN MINING

TEHRAN: Iran exported more than 57.68 million tons of mineral products worth over $7 billion during the previous fiscal year (March 2016-17), registering a 38% and 17% growth in trade volume and value respectively compared with the year before. Mineral exports accounted for 44% and 16% of Iran’s total export volume and value during the period respectively, according to the ... Read More »

Iran’s 4-year oil revenues hit $157B

iran oil

TEHRAN: Iran’s oil revenues from March 2013 to March 2017, which covers Hassan Rouhani’s presidency, have reached $157 billion, said Mohammad Bagher Nobakht, head of Management and Planning Organization of Ira. He said the volume was $251 billion from March 2009 to March 2013, which covers the second term of Mahmoud Ahmadinejad’s presidency, Fars news agency reported on April 24. ... Read More »

Iran ready to export gas, electricity to Pakistan

customs-export

TEHRAN: Iranian Foreign Minister Mohammad Javad Zarif has underlined the importance of boosting economic relations with Pakistan. According to Iranian media, he was talking to National Assembly Speaker Sardar Ayaz Sadiq in Tehran. Javad Zarif said Iran is ready to export gas and electricity to Pakistan. He said Iran and Pakistan enjoy very good relations not only in the diplomatic ... Read More »

Iranian crude oil at $53 per barrel

crude oil

TEHRAN: Iran’s crude oil traded above $53 a barrel in the week to April 14, reflecting the global confidence in a pact between OPEC and non-OPEC producers to slash supplies to boost flagging oil prices. Iran Heavy, the country’s main export grade, gained $1.82 per barrel to settle at $53.10 in the week. The country’s light crude rose 99 cents ... Read More »

Iran’s crude oil exports set to fall in May, 14 months low

Iran's crude oil exports set to fall in May, 14 months low

TEHRAN: Iran’s crude oil exports in May will likely hit their lowest volume in 14 months, as the Islamic Republic has cleared tanker storage and Asian buyers are set to load less crude, press reported on Friday, citing a person familiar with Iran’s tanker loading program. Iran’s crude oil exports in May are expected to come in at 1.66 million ... Read More »

Iran’s GDP growth stands at 6.4% to fall 4%

gdp

TEHRAN: Iran’s GDP growth stood at 6.4 percent in 2016, largely as a result of the oil sector’s bounce back, both in production and exports, following the removal of sanctions in January 2016 through the JCPOA, World Bank reported. According to the report, published on WB’s website, Iran’s GDP growth is expected to stand at 4%, 4.1% and 4.2% in ... Read More »

Iran, Finland ink deal on customs cooperation

sign

TEHRAN: The customs services of Iran and Finland signed an agreement on cooperation, IRNA agency reported on April 19. Following talks between Head of Iran’s Customs Administration (IRICA) Masoud Karbasian and Director General of Finnish Customs Antti Hartikainen, an agreement on cooperation in the fight against illegal drugs and customs regulations was signed in the Finnish capital of Helsinki. The ... Read More »

World Bank confirms huge increase in Iran trade surplus

trade surplus

TEHRAN: Iran has registered a huge increase in its current account surplus from 2.7% of GDP in 2015 to 6.5% of GDP in 2017, the World Bank has said. According to WB’s Economic Monitor report for the MENA region published on Tuesday, Iran is one of two countries in the Middle East and North Africa that are expected to register ... Read More »

Portugal, Iran discuss expansion of bilateral trade

13920713000535_PhotoI

TEHRAN: Deputy foreign ministers from Iran and Portugal in a meeting in Tehran explored avenues for expansion of relations between the two nations, particularly in the economic sphere. Heading a business delegation, Portugal’s Secretary of State of Internationalization Jorge Costa Oliveira met with Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi on Tuesday. Highlighting the great ... Read More »

Iran mineral output tops 310m tons

mineral

TEHRAN: Iron ore concentrate had the biggest share in Iran’s mineral production with 32.59 million tons, registering a 26.31% growth. More than 310.7 million tons of mineral products were produced in Iran in the last fiscal year (ended March 20, 2017), the Iranian Mines and Mining Industries Development and Renovation Organization announced in its latest report. Iran is home to ... Read More »

Iran imports $1.5B worth of cars in 1 year

imports

TEHRAN: Iran imported over 62,000 passenger cars during the last Iranian fiscal year (ended March 20). Iran’s car imports registered a rise by 20 percent in the period, compared to the same period of the previous year, according to the Iranian Customs Administration. The country imported $1.576 billion worth of cars during the 12-month period. The Islamic Republic imported 36,203 ... Read More »

Iran customs unveils measures to regulate garment imports

customs1

TEHRAN: The Islamic Republic of Iran Customs Administration has introduced measures to systemize import procedures of foreign clothing brands. The measures, unveiled during a meeting attended by representatives of the Ministry of Industries, Mining and Trade, the Association of Textile Industry Producers, Iran’s Apparel Union and customs officials, are designed to support domestic garment industry and prevent smuggling. “Customs post-clearance ... Read More »

Iranian steel exports up 29%

steel

TEHRAN: Major Iranian steelmakers exported over 5.38 million tons of crude steel and steel products in the last fiscal year (March 2016-17), registering a 29% growth compared to the year before, Iranian Mines and Mining Industries Development and Renovation Organization reported. Khouzestan Steel Company had the lion’s share of the exports as it shipped 767,542 tons of slabs, 718,327 tons ... Read More »