Increase in oil exports / The economy is on the path to progress

The increase in oil production and exports can be considered a very positive event in the economic cycle, potentially signaling an economic transformation.

In the past 10 months, oil exports amounted to $29.9 billion, registering a 10% increase in value compared to the same period last year.

According to Mohammad Rezvani-Far, the head of Iran’s Customs, the country’s exports (excluding oil, suitcase trade, electricity, and exports of technical-engineering services) in the past 10 months reached 113 million tons of goods valued at $40.5 billion.

The volume of non-oil exports shows a 9.4% increase in weight and an 11% decrease in value.

Also, in the past 10 months, oil exports amounted to $29.9 billion, marking a 10% increase in value compared to the same period last year.

During this period, 32.7 million tons of goods valued at $54.3 billion were imported, showing an 11.6% increase in value and a 6% increase in weight.

Gold, car parts and accessories, and smartphones were the main imported items during this period, with gold imports amounting to 24.5 tons valued at more than $1.6 billion.

More than 11.9 million mobile phones were imported into the country through commercial and passenger procedures, valued at $2.5 billion.

Among the major imported goods, rice, wheat, and barley recorded approximately 44%, 36%, and 11% decreases in imports, respectively, compared to last year.

The volume of essential goods imported during this period was about 21 million tons, valued at $16.3 billion.

The arrangement of the country’s export destinations in the past 10 months has remained unchanged, with China ($11.5 billion), Iraq ($7.7 billion), the United Arab Emirates ($5.2 billion), Turkey ($3.5 billion), and India ($1.8 billion) being the top five export destinations, respectively.

The United Arab Emirates ($17.1 billion), China ($15.2 billion), Turkey ($6 billion), Germany ($1.8 billion), and India ($1.6 billion) are the main origins of goods imported into the country, respectively.

In the past 10 months, 14.2 million tons of goods were transited, showing a 29% increase compared to the same period last year.

Also, in the past 10 months, about 5,000 passenger cars valued at more than $101 million were imported into the country.

The total trade of the country amounted to about $94.8 billion, resulting in a trade deficit of $13.8 billion, considering the situation of exports and imports.

Oil is one of the country’s most important assets, requiring special attention to new explorations. Updating exploration and extraction equipment could significantly increase oil production, potentially positioning us among the world’s best oil exporters.

Source: Gostaresh News