\n Iran\u2019s non-oil exports rose by 108% in the week to January 20 compared to the previous week.
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Iran has reported a significant increase in its non-oil exports following the central bank’s introduction of policies aimed at reducing the gap between official and open-market exchange rates.<\/p>\n
Figures released by the Iranian customs office (IRICA) on Tuesday showed that the value of non-oil exports from the country reached $1.7 billion in the week to January 20, an increase of 108% from the previous week.<\/p>\n
Overseas shipments also rose by 60% in volume terms over the same period, reaching 3.449 million metric tons (mt), according to IRICA.<\/p>\n
This steep rise in exports occurred while imports into Iran increased by only 1% week-on-week to $1.152 billion.<\/p>\n
Reports have indicated a surge in export activity since earlier this month, when the Central Bank of Iran (CBI) announced measures to narrow the gap between official and free-market currency rates.<\/p>\n
The policy has encouraged more exporters to supply their foreign currency earnings to the state-regulated platform, known as the Integrated Currency System (ICE), where importers can obtain currency at more favorable rates.<\/p>\n
The increased supply of export proceeds to the ICE also provides more export quotas for Iranian manufacturers of petrochemical and steel products.<\/p>\n
Furthermore, the policy has contributed to a decline in hard currency prices in the open market, with rates falling by as much as 8% compared to early January.<\/p>\n
IRICA’s Tuesday figures also showed that Iran increased its imports of basic goods by 38% in the week to January 20. The country had recently faced delays in unloading essential goods at its southern ports, mainly due to hold-ups in hard currency payments.<\/p>\n
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