The lifting of the international sanctions on Iran had many positive effects and has reshaped the economic relationship between Iran and the rest of the world.
Removal of the sanctions means that Iran is now able to trade globally more freely. Iran’s imports have witnessed a significant level of rise over the past 7 months.
The countries main imports are non-electrical machinery, transport vehicles, iron and steel, chemicals, electrical machinery/tools and appliances. Main import partners are: China, United Arab Emirates, South Korea, Turkey and Germany.
According to Iran-Business news:
Iran’s imports from Germany have witnessed a 25 percent rise over a period of seven months in 2016 compared to the same period last year, a report said.
According to figures released by the Customs Administration of Iran, the Islamic Republic imported $1.27 billion worth of goods from Germany in seven months, starting 21 March 2016 – the start of the current Iranian calendar year of 1395, Press TV reported.
The report added that Germany is now the fifth main exporter to Iran and the leading European country with a significant level of trade activities with the Islamic Republic.
The top four exporters to Iran – as figures relating to the same seven-month period showed – are China ($5.71 billion), the UAE ($4.98 billion), South Korea ($1.88 billion) and Turkey ($1.55 billion), figures released by the Customs Administration of Iran showed.
The top importers of Iranian non-oil commodities and services over the same period have been China ($4.43 billion), the UAE ($3.88 billion), Iraq ($3.50 billion), Turkey ($2.50 billion) and South Korea ($1.95 billion).
A majority of Iran’s exported items are downstream products such as condensate, liquefied petroleum gas, gas oil, propane and others.
Key items imported during the period have been cattle feedstock, soy, rice, auto spare parts and vehicles.
Figures released by Iran’s Customs Administration last month showed that the country’s non-oil exports to Europe for a period of five months starting March 21, 2016 had increased by 21 percent. Top importers were accordingly identified as Italy, Spain and Germany.
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Source: iran-business news (30/10/2016)