Official:

Iran’s non-oil trade up 18% in nine months to December

The head of Iran’s Trade Promotion Organization (TPO) announced an 18% growth in the country’s non-oil trade during the first nine months of the current Iranian calendar year, which began on March 20, 2024.

News ID: ۲۰۰۰۵۷۹

06 January 2025

EghtesadOnline: In an interview, Dehghan Dehnavi highlighted measures to facilitate currency transfers for traders, saying that Iran employs various tools tailored to its trade partners, including bilateral trade using local currencies.

“Iran’s non-oil exports grew by 18 percent in the first nine months of this year compared to the same period last year, and it is predicted that the trade growth trend will be maintained by the end of the year and will grow by 18 percent,” he said.

The TPO head revealed ongoing negotiations with multiple countries to streamline currency transfers, with the Central Bank of Iran playing a pivotal role.

He said Iran has already signed agreements with several nations to conduct trade using local currencies, easing pressure on traders and ensuring smoother transactions.

Dehghan Dehnavi also touched upon the measures to reduce risks for Iranian exporters entering target markets, particularly Russia.

“A $2 billion credit line has been established to cover the risks of Iranian businessmen. The Export Guarantee Fund established the credit line for countries targeted by Iranian exports to cover the risks of businessmen,” he said.

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