Iran’s non-oil trade rises 18% in nine months

IRAN Iran: The head of Iran’s Trade Promotion Organization (TPO) announced an 18% increase in the country’s non-oil trade during the first nine months of the current Iranian calendar year that begins on March 20, 2024. In an interview, Dehghan Dehnavi highlighted measures to facilitate currency transfers for traders, saying Iran uses various tools tailored to its trading partners, including bilateral trade using local currencies.

“Iran’s non-oil exports increased by 18 percent in the first nine months of this year compared to the same period last year, and it is estimated that the trade growth trend will continue and increase by 18 percent by the end of the year,” he said. The TPO head revealed ongoing talks with several countries to streamline currency transfers, with Iran’s central bank playing a key role.

He said Iran has already signed agreements with several countries to conduct trade using local currencies, reducing pressure on traders and ensuring smooth transactions. Dehghan Dehnavi also spoke on measures to reduce risks for Iranian exporters entering target markets, particularly Russia. “A $2 billion credit line has been set up to cover the risks of Iranian traders. The Export Guarantee Fund has set up credit lines for countries targeted by Iranian exports to cover traders’ risks,” he said.

Iran has faced significant economic sanctions in recent years, which have particularly targeted its oil exports. This has led the country to focus on growing its non-oil trade, exploring alternative financial mechanisms and new markets.