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Iran exported $42.88 billion of goods while imports level stood at $41.86 billion in a year time period ending on August 20. 2019. which means its foreign trade balance registered a positive volume of above one billion dollars.
Despite the tough US sanctions imposed on Iran. the country could improve its trade balance from its previous $3.21 billion in the year before.
On Tuesday. Iran’s Ministry of Transportation announced that ports North and South of the country have registered a 1.9 percent increase in loading and unloading operations in the past 6 months. indicating a steady flow of trade despite the US unilateral sanctions against the country.
Iran has reported increased industrial activity. specially in the manufacturing sector. since it began to feel the impacts of the American sanctions.
Output of steel. aluminum and other metals that face high demand in the industry have surged. according to official reports. while companies that supply equipment to the oil industry. the main target of sanctions. have reported lower imports since last year.
Washington’s unilateral sanctions against Tehran began in November 2018. five months after US President Donald Trump withdrew from an international deal on Iran’s nuclear program.
Claiming that the bans were working properly. Trump tightened them in May. only to see that Iran was finding new solutions to recoup the losses.
Last month. Deputy Head of Iran Small Industries and Industrial Parks Organization (ISIPO) Ali Asqar Masaheb announced that Iran will undertake new measures to further strengthen its non-oil exports with a new bill to be tabled at the Iranian Parliament.
Iranian officials started planning for policies to counter the US possible sanctions a year before Donald Trump entered into office in early 2017. The policies are now proving effective as economic indexes are indicating inefficacy of the US pressures.
Earlier in July. Rahmani said that despite US efforts to cripple Tehran’s economy. year-on-year comparison shows that the country’s domestic production has increased in the first quarter of the local calendar year (March 21-June 21).
