BAKU, Azerbaijan, December 26. Iran has boosted passenger car imports by 12 times in value and 18 times in number in the first nine months of the current Iranian year (March 21 through December 21, 2023), compared to the same period last year, Trend reports.
Data from the Islamic Republic of Iran Customs Administration (IRICA) shows that Iran imported 4,386 cars worth around $86.5 million in nine months.
In the corresponding period of the previous Iranian year, the country’s car imports stood at 247 cars worth $7.51 million.
Overall, Iran imported 24.7 million tons of goods worth $42.1 billion in the first 8 months of the current Iranian year (March 21 through November 21, 2023). This is an increase of 12 percent in value and 4 percent in volume compared to the same period last year.
In early December, Iran allocated an additional $110 million for the import of passenger cars into the country. The Central Bank of Iran allocates foreign currency needed for car imports, as they are expensive. The car importers pay back the money to the Central Bank of Iran in rials after selling the cars.
It is planned to import 40,000 passenger cars in the current Iranian year (March 21, 2023 through March 19, 2024).
During the first eight months of the current Iranian year (March 21 through November 21, 2023), Iran manufactured a total of 747,491 passenger cars, representing a 14.8-percent increase from the same period last Iranian year.
Over the past years, Iran has focused on domestic production instead of importing passenger cars. For this reason, the country imposed certain restrictions on the import of passenger cars into the country. However, due to insufficient domestic production and low quality and safety standards, the restrictions on importing passenger cars into the country have been reduced to a certain extent this year.
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