BAKU, Azerbaijan, December 4. Iran’s steel exports hit a new high in the first eight months of the current Iranian year (March 21 through November 21, 2023), Trend reports.
As stated in the data from the Iranian Steel Producers Association (ISPA), the country exported raw steel and steel products worth $4.8 billion in eight months, which is a 15.5 percent increase from the same period last year. This is the highest value of steel exports ever recorded in this period.
In the corresponding period last Iranian year (March 21 through November 21, 2022), the value of Iran’s raw steel and steel products exports stood at around $4.15 billion.
Iran has a steel production capacity of around 40 million tons per year and aims to raise it to 55 million tons by 2025.
However, the country faces US sanctions that limit its oil exports, which are a major source of revenue. To cope with the economic pressure, Iran has been focusing on boosting its non-oil exports, which include steel and other products.
The latest report from the Islamic Republic of Iran Customs Administration (IRICA) shows that Iran’s non-oil exports reached $32 billion in value and 90 million tons in volume in the first eight months of the current Iranian year. This is a slight decrease in value but a significant increase in volume compared to the same period last year. Iran’s non-oil exports do not include crude oil, mazut, and white oil, which are subject to US sanctions.
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