Iran posts 15.23% y/y fall in imports in Apr-Dec
Iran has reported a steep fall in its imports in the nine months to late December compared with the same period last year, amid government efforts to restrict the allocation of heavily subsidized currency to imports of basic goods in recent months.
Figures released by the Iranian customs office (IRICA) on Wednesday showed the country had imported $44.151 billion worth of goods and commodities in the nine calendar months to December 21, a decline of 15.23% compared with the same period a year earlier.
IRICA figures showed import shipments rose by 2.75% year on year in April-December to reach 29.325 million metric tons (mt).
The figures come amid reports suggesting Iran has significantly reduced the amount of subsidized currency allocated to imports, as part of efforts to protect hard currency resources at a time of increased economic pressure caused by foreign sanctions.
Experts say restricting subsidies given to imports could make Iran’s economy more resilient in the face of foreign pressure, as the policy removes special privileges granted to certain economic actors and allows for greater competition in the market.
However, they insist such impacts could emerge only in the long run, as lower imports could cause prices of basic goods to rise, potentially leading to public discontent.
IRICA’s Wednesday figures also showed that Iran had recorded a trade deficit of $2.908 billion in the nine months to late December.
The data showed that Iran’s non-oil exports declined by 5.78% year on year in the nine months to late December to reach $41.243 billion.
Shipments, however, rose by 1% in volume terms to reach 118.901 million mt in April–December, the figures showed.
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