Iranian Mining Sector Exports About $1.3B per Month

Image of Large aluminium metal steel rolls in the factory.

Iran was planning to raise the exports from the mining sector up to about $10.5 billion in the previous year but the restrictions made by the recent pandemic stopped the realization of the mentioned milestone.

According to The Islamic Republic of Iran Customs Administration data, in June this year, steel’s share for mineral export was 65.9 percent, copper 11.6 percent, zinc 3.2 percent, sponge iron three percent, aluminum 2.9 percent, cement 2 percent, pellets for 1.4 percent and other products of mining and mineral industries10 percent.

According to the Industry, Mining and Trade Ministry data, Iranian mining industry has filed about $4b positive trade balance in the Iranian month that overlaps February and March.

As reported, Iran 4.156 million tons of mining and mineral products in the year under review, registering six percent and 13 percent year-on-year rise in terms of value and weight, respectively. Based on 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 the imports of such products stood at only $3.410 billion.

According to Tehran Times, the exports of these products in the previous year, however, fell 11 percent in terms of value and 21 percent in terms of weight, compared to the year before that.

Steel followed by copper, cement, and zinc chain products were respectively the major commodities in Iran’s export basket of mining sector with $4.127 billion worth in steel export alone.

Based on Iran’s major plans to distance the country’s economy from oil and approaching a steadier and oil-free economy, the mining sector has turned into one of the major areas of focus in recent years, since the country is among the world’s top countries in the field of mineral mines, where 68 types of minerals have been identified so far, including the world’s largest deposits of copper, zinc, and iron. Making the best use of these big sources of income have become a priority for the government in recent years, and some programs have been planned for the growth of this industry.

Source: Tehran Times

Comments are disabled.