Iran Posts $1.078 bln Trade Deficit in 4 Months To Late July

The Islamic Republic of Iran Customs Administration (IRICA)'s figure indictaed that Iran’s non-oil exports had reached $16.549 billion in the four months to late July, while imports into the country topped $17.627 billion over the period.

The figures showed that exports from Iran had fallen by 5.51% while imports had dropped by 14.2% over April-July, according to Press TV.

Overseas shipments recorded over the four-month period rose 1.46% year on year in volume terms to reach a total of 48.811 million metric tons (mt) while imports fell by 3.23% to 12.209 million mt, the data showed.

Petrochemicals export, which is always the best performer of the Iranian non-oil exports, generated $6.894 billion in hard currency revenues, down 10.22% compared to the four months to late July 2024, IRICA said.

The Iranian customs office had posted a trade deficit of $1.374 billion in the quarter to late June. Its recent figures showed that exports from the country had jumped by $4.894 billion, or nearly 42%, in July compared to quarterly figures, while imports rose by 4.598 billion, or more than 35%, over the same period.

A senior government official said earlier this week that Iranian non-oil trade had suffered in June because of a 12-day war of aggression the country fought with the Israeli regime, which disrupted shipping in the Persian Gulf, as well as due to lower natural gas and petrochemical prices in the region.