Iran’s Foreign Minister Mohammad Javad Zarif said the country is ready to receive “letters of comfort” from the US Department of the Treasury to alleviate concerns of foreign banks that are still afraid of US penalties for working with Iran after coming into force of the JCPOA. “We will pressure the Americans to respect their commitments and release such a letter,” Mohammad Javad Zarif told reporters on Monday.
“[Foreign] banks and economic sectors will welcome the letter,” IRNA quoted him as saying after returning from a six-day tour of Latin America that took him to Ecuador, Cuba, Chile, Nicaragua, Bolivia and Venezuela.
Iran is struggling to access financing from abroad while most major foreign banks fear unwittingly violating vague, residual American sanctions, which prohibit trade with Iran in dollars, through the US financial system.
Iran has pressured the United States to do more to remove obstacles to the banking sector and has sought European leverage to secure better terms from the US.
Iran’s minerals exports rise by 48 percent
Iran’s exports of minerals rose by 48 percent in the first quarter of the current Iranian calendar year, (started on March 20, 2016), compared to the same period in the year before, noted Iranian deputy minister of Industry, Mine and Trade .There are 7500 mines in Iran, 2000 of which are inactive or being prepared and 5500 working in Iran.
Official predicts 4.2 percent industry growth
Iranian Deputy Minister of Industry, Mine and Trade Ramezanali Sadeq-Zadeh said that the country’s economic growth is expected to reach to 4.2 percent this year.
He said that the country’s industry growth stood at -10 percent in 2012, while predicting that the country’s economic growth would reach 4.2in the current Iranian calendar year.
“If we want to reach 8.5 percent economic growth as expected in the sixth development plan, we should witness 13-14 percent growth in industry,” he said.
Iran’s trade surplus at $3.4bn
Iran said its trade surplus exceeded $3.4 billion over a period of four months starting March 20, 2016 in what is seen as the country’s best post-sanctions trade performance.
Figures released by the Customs Administration of Iran show that the country’s non-oil exports over the period stood at $16.3 billion – a figure that was higher than the corresponding period last year by 21.11 percent.
It is believed that a new wave of exports of petrochemical products spurred by the removal of sanctions against Iran in January has been instrumental in the improvement of Iran’s trade activities.
Iran’s exports of petrochemical products over the period had increased by 41.5 percent in the overall basket of non-oil products.
The total value of petrochemicals exported stood at $6.7 billion and the total value of other non-oil products stood at above $6.6 billion, the report added.
IME publishes annual report in English
Iran Mercantile Exchange (IME) published its first annual report in English for the fiscal year ended March 19, 2016.
According to the report by the IME’s International Affairs and PR, the report has been prepared regarding the IME’s position in national economy and its role in creating a competitive, transparent and productive market as well as developing financial instruments. Furthermore, implementing new financial instruments to expand IME’s scope of activities and preparing the groundwork for IME to gear up for more international relations are deemed to be the other factors behind compiling such report by IME.
Iran’s July crude steel output up 6.2% YOY: WSA
Iran produced 1.3 million tons of crude steel in July 2016, with 6.2 percent rise from 1.273 million tons in the same month in the previous year, the World Steel Association (WSA) reported.
According to the WSA’s latest report, the country stood at the 14th place among top world’s steel producers in July, falling from its rank of 13th in the two past months.
With producing 66.807 million tons, 8.886 million tons and 8.082 million tons of steel, China, Japan and India took the first, second and third places, respectively, in the seventh month of 2016.
Iran produced 10.101 million tons of crude steel in the first seven months of 2016, showing 4.7 percent growth from 9.645 million tons in the same period in 2015.
The country’s steel production stood at 16.110 million tons in 2015, indicating 1.4 percent fall from 2014.
As a major steel producer in the region, Iran boosted its steel mills across the country in recent years, as central Isfahan and southwestern Khuzestan provinces remain the major steel producers.
According to WSA, Iran was the biggest producer of crude steel in the Middle East in 2013. The country’s rank was 14th in the world in 2014.
Iran’s non-oil trade exceeds $35.8b in 5 months
Iran’s non-oil trade during the first five months of the current Iranian calendar year (March 20-August 21, 2016) amounted to $35.817 billion, according to the Iran Customs Administration.
The country’s non-oil exports totaled $19.108 billion, a 10.22 percent rise compared to the same period in the previous year. Meanwhile, $16.709 billion of non-oil goods were imported, showing 2.85 percent decline year on year.
Main exported items included gas condensate, worth $3.27 billion, and liquefied gas, worth $1.94 billion. China topped the list of Iranian non-oil goods importers with $3.405 billion of import. The United Arab Emirates, Iraq, Turkey and South Korea ranked next.
Meanwhile, China was the leading exporter of non-oil goods to Iran with $3.863 billion of export. The United Arab Emirates, South Korea, and Turkey ranked next.
Iran’s non-oil trade hit $83 billion in the past Iranian calendar year, which ended on March 19, 2016.
Iran exported $42.415 billion of non-oil goods while imported $41.499 billion of non-oil goods, showing 16.11 percent decrease in exports and 22.53 percent decline in imports when compared to its previous year.
TSE at a glance
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