Iran’s non-oil trade down drastically
Statistics reveal that Iranian exports and imports have fallen drastically in the seven months since the beginning of the current Iranian fiscal year on March 21. A detailed report by the Iranian Customs Administration, published on November 10, indicates that the country’s non-oil exports fell 15 percent in the period, compared to the same period in 2014, to reach $24.131 billion. Further, according to the report, the country’s imports plunged 21 percent, reaching $24,076 billion, indicating that the value of Iran’s non-oil exports is more than its imports. The major reason behind the decline in exports has been the reduction in revenues from oil-related goods. Iran includes some of these goods when measuring its non-oil basket. For example, oil condensates, a kind of ultra-light crude oil, comprises over 20 percent of the country’s reported non-oil exports. Although Iran’s exports of these products have increased some two percent in the 2015 period, its value declined 41 per