The Ministry of Industries and Business recently released an official report. As per the reports, United Arab Emirates would be the first place where goods manufactured in Iran would be made available to the world markets. They Industries and Business Organization located in Tehran has reported exports of over $775 million within eight months.
With the surge in exports, the products being manufactured in Tehran can be sold to the world markets and this would prove to be highly beneficial at times like these where in there are strict sanctions imposed on the economy of Iran. UAE would in turn be able to re-export the products manufactured in Iran and this would contribute to the economy of Iran.
As per the import statistics of UAE, Iran is the first with imports amounting to $775 million. Afghanistan occupies the second place with imports worth $476 million, following which Iraq and Turkey occupy the third and fourth positions respectively. Iraq has imports worth $416 million while Turkey has imports worth $216 million.
Despite the strict sanctions imposed by United States and other European nations on the economy of Iran due to its controversial nuclear program, Germany and Italy remain unaffected with its imports and are still continuing to import goods from Iran at a growing pace. Due to the imports by Germany and Italy, the economy of Iran is able to survive to a certain extent.
Germany has imported goods worth $124 million while Italy has a total import value adding up to $75 million. Producers in Iran are able to gain a market due to the considerable amount of imports made by both these nations. With an all new market opening up in UAE, the economy of Iran is bound to flourish.
The Industries and Business Ministry of Iran has recently opined and expressed the problems it faces during foreign trades. The exchange of currency is facing severe problems as there are strict sanctions imposed on the economy of Iran and traders are unable to remit payment for import and export of goods.