Iran's Trade Deficit Exceeds $20 Billion

The latest statistics from the Islamic Republic's customs show that the country's trade deficit in the year 1402 has reached its highest level, exceeding $20 billion. The newspaper 'Donya-e-Eqtesad' noted that considering oil, electricity, technical and engineering services, and suitcase trade, there is a trade surplus of over $20 billion. However, Iran's customs, by directing the statistics, announced a trade deficit close to $17 billion, which is also an unprecedented figure in Iran's economy. According to customs officials, the three main imported goods in 1402 were animal feed corn, mobile phones, and gold ingots. Given reports from Iranian media about the rental nature of imported gold ingots and their illegal exit from the country, it can be expected that the trade deficit is much higher than these figures. The announced statistics indicate that Iran's trade with the United Arab Emirates, Pakistan, Russia, Oman, and Afghanistan has increased, while trade with Turkey, Iraq, Afghanistan, Azerbaijan, Turkmenistan, Armenia, Kazakhstan, Kuwait, Bahrain, and Saudi Arabia has decreased in 1402. This comes as the Minister of Economy announced on December 2, 1402, that the trade balance in the first eight months of this year was over $10 billion positive. Ehsan Khandoozi, on March 15 of the previous year, rejected his previous claim and stated that due to international events, the value of our exported goods has decreased compared to the past. Reports indicate that the existence of sanctions and the difficulty of international banking transactions for the Islamic Republic are among the main factors negatively affecting Iran's trade balance, which will manifest as a currency crisis in the coming months in Iran's economy. Iran's exports to Syria have halved, and a parliamentary representative warned that Turkey is taking Iran's share in the Iraqi market. Nearly a year after the 'normalization of relations,' Saudi Arabia's exports to Iran are 'zero.' Foreign trade is on a downward path, with a 70% decrease in container exports to Qatar. The head of the Tehran Chamber of Commerce reported a $4 billion decrease in non-oil exports, and a member of the Chamber of Commerce stated that half of the industrial gas exports are smuggled.