Iran’s annual trade hits $150 bn despite sanctions: official

Apr 05, 2015 12:00 AM

Despite sanctions imposed by UN, EU and U.S. on Iran over its nuclear program, the country’s annual trade amounted to $150 billion in the previous Iranian calendar year, which ended on March 20.

Iranian Deputy Industry, Mining, and Trade Minister Mojtaba Khosrotaj said that although official data on Iran’s annual trade has not been published, but non-oil trade is estimated to hit $105 billion in the past year, the Mehr news agency reported on Saturday.

Taking oil and service sectors into account, the country’s foreign trade will exceed $150 billion, he added.

This issue shows significant abilities of the Iranian nation who did $150 billion business with the world under the pressure of sanctions, he stated.

The official said the country’s value of annual non-oil exports is planned to rise by 20 percent and reach $60 billion in the current Iranian calendar year.

In December 2014, Iranian President Hassan Rouhani said the government aimed to increase non-oil exports to $50 billion by the next calendar year.

Traditionally, Iran relies heavily on oil for revenue. With sanctions restricting oil exports, the government has worked to advance other parts of the economy.

Iran’s non-oil exports witnessed nearly half-a-percent growth while the country’s non-oil imports dropped around five percent in the previous Iranian calendar year, according to Press TV.

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