The mining sector posts a positive annual trade balance



TEHRAN – Iran’s mining industry recorded a positive trade balance of $ 4.271 billion in the previous Iranian calendar year (ended March 20), according to data from the Ministry of Industry, Mines and Trade.

On the basis of the mentioned data, some 55.124 million tons of minerals and mining industry products worth $ 7.682 billion were exported in the previous year, while imports of these products amounted to only $ 3.410 billion.

As reported, the Islamic Republic imported 4.156 million tonnes of mining and mineral products during the year under review, registering a 6 percent and 13 percent year-over-year increase in value and of weight, respectively.

However, exports of these products the previous year fell 11 percent in value and 21 percent by weight, compared to the previous year.

Steel held the largest share of Iran’s mining export basket (53.7%) with $ 4.127 billion in exports, followed by chain products of copper, cement and zinc.

In line with Iran’s grand plans to move the country’s economy away from oil and move towards a resilient, oil-free economy, the mining sector has become one of the main areas of focus in recent years, as the country is one of the top 10 in the world. mineral rich countries where 68 types of minerals have been identified so far, including the largest deposits of copper, zinc and iron in the world.

The expansion and exploitation of these huge sources of income has become a top priority for the government in recent years, and various programs have been defined for the improvement of this industry.

Revitalize inactive small mines, increase tariffs on exports of certain crude minerals, define new exploration projects, sign memoranda of understanding with domestic and foreign manufacturers for the renovation of the country’s mining equipment and machinery , and allocate funds for the completion of semi-completed projects in this sector can be mentioned as part of the programs put in place by the government for the development of the mining sector of the country.

Iran had planned to increase mining sector exports to $ 10.5 billion the year before, but restrictions created by the coronavirus pandemic prevented the mentioned target from being achieved.




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