Jan 21, 2020 11:57 UTC
  • Iran basks in ‘miracle’ of $32 billion in non-oil exports

Iran has exported $32 billion of non-oil goods so far in the current Persian year ending March 21, 2020, shoring up its economy which is under severe pressure from unprecedented US sanctions.

“This is like a miracle in the current economic situation of the country,” Iran’s Deputy Industry Minister Hossein Modares Khiabani told an exports quality summit in Tehran, Fars news agency reported Tuesday.

 “Non-oil exports have almost replaced oil exports, and the country is governed by the revenues of the non-oil sector,” Modares Khiabani said.

Earlier this month, the US regime announced new illegal sanctions, targeting Iran’s construction, manufacturing, textiles, mining, aluminum, copper, iron and steel industries and set to hit much of Iran’s economy as well as Chinese companies that have conducted business with Iran.

China has long been Iran’s largest trading partner and the Islamic Republic is one of its major suppliers of oil. But the relationship has recently come under greater scrutiny.

Oil pricing agency S&P Global Platts said this month US officials were working behind the scenes to pressure China into halting all its oil and condensate imports from Iran.

China has dismissed the US sanctions, saying they amount to “bullying” and has defended its trade with Iran as legitimate and legal.