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Iran exported nearly $1.4 billion worth of plastic products in the past local calendar year ending in March 2019. senior Industry Ministry Official Mehdi Sadeqi Niaraki announced. adding that Tehran will further boost its revenues from the sector in the coming years.
Sadeqi Niaraki said on Monday that nearly 590.000 tons of plastic products. worth $1.4 billion. including bottles and various types of containers. had been exported in the last Persian calendar year with Iran’s neighboring countries being the main destination.
He added more export of finished plastic products would mean more added value for Iran. a leading producer and exporter of petrochemicals in the world.
Sadeqi Niaraki noted that Iran aims to create a balance between its growing export of petchem products. which is currently standing at around $12 billion a year. and the trade for manufactured goods that mainly rely on refined products derived from oil.
Iran has tried to expand the downstream section of its oil and gas industry since the United States imposed a series of inclusive bans on the country’s direct sale of crude in November 2018.
The government hopes it could generate around $25 billion in revenues from the petrochemical sector by 2021.
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 2019. only to see that Iran was finding new solutions to recoup the losses.
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.
Early in July. Iranian Industry Minister Reza Rahmani said that despite US efforts to cripple Tehran’s economy. year-on-year comparison showed that the country’s domestic production increased in the first quarter of the local calendar year (March 21-June 21).
