BAKU, Azerbaijan, November 28. Iran's imports of gold bars increased by 462 percent by value and 371 percent by weight during eight months of the current Iranian year (from March 20 through November 2024) compared to the same period of last year (from March 21 through November 21, 2023).
The data obtained by Trend from the country's customs administration shows that 61.5 tons of gold bars worth $4.6 billion were imported to Iran during the eight months.
Gold bars were imported to the country mainly through Imam Khomeini International Airport customs, Bashmaq 2 customs, and Tabriz customs.
Meanwhile, Iran's exports of non-oil products amounted to about 104 million tons worth about $38.2 billion during eight months of the current Iranian year (from March 20 through November 2024). Iran's exports of non-oil products increased by 18 percent in value and 14.6 percent in weight compared to the same period last year (from March 21 through November 21, 2023).
Recent US sanctions on Iran have significantly impeded the importation of foreign currency (the US dollar) into the nation. On that account, Iran favors utilizing other methods to circumvent sanctions. The Iranian government has established circumstances allowing exporters of non-oil items to import gold bars into the nation in lieu of foreign cash.
To note, the US imposed new sanctions against Iran in November 2018. Over the past period, the sanctions have affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions led to the freezing of Iran's assets abroad.
