Head of IRICA: Iran's customs revenue increased 87% y/y in March to August

According to the director of the country's customs office (IRICA), Iran's customs receipts climbed by 87% in the five months leading up to late August compared to the same period previous year.

Iran (IMNA) - In the words of Mohammad Rezvanifar, IRICA transferred income of 610 trillion rials ($1.25 billion) to the Iranian Treasury Department between March and August.

Rezvanifar claimed that despite new import duty exemptions being implemented for some essential items like medication, there had been an increase in customs income.

Following oil export and tax, the official from the finance ministry said that Iran's customs revenue had surpassed 1,580 trillion rials in the fiscal year ending in late March.

He also provided some information on Iran's non-oil trade performance in the five months leading up to late August, stating that the nation had exported goods worth $18.7 billion in total during that time, down 8% from the previous year.

Head of IRICA: Iran's customs revenue increased 87% y/y in March to August

Rezvanifar claimed that the reduction in the price of petrochemical goods, which make up the majority of Iranian exports abroad, is a major factor in this year's decline in export income.

He claimed that from March to August, imports into Iran rose by 8.7% on a yearly basis to reach $23.4 billion, and that volume-wise, freight transit via Iran grew by 2.7% during that time.

As part of a recent goal to diversify the economy away from oil, Iran has come to rely more on trade income, especially customs and transit earnings.

Last calendar year, Iran's global commerce totaled $113 billion, with exports reaching a historic $53 billion, up 10% from the year before.

News ID 682113

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