Mar 02, 2021 19:59 UTC
  • Iran imported nearly $2.3bn worth of corn in 11 months to late February: IRICA

Iran’s customs office IRICA says corn imports into the country reached nearly $2.3 billion in value terms in the 11 months to late February.

According to reports, IRICA figures published on Tuesday showed that Iran had spent more than $2.298 billion for imports of nearly 9.126 million metric tons of corn between March 20 last year and February 18 this year.

Corn imports accounted for 21 percent of the value of all basic goods imports into Iran, said IRICA, adding that the value of medicine and medical equipment imports had amounted to $1.481 billion, followed by oil seeds at $1.073 billion and cooking oils at nearly $896 million.

It said Iran had paid an additional $1 billion for soybean meal and barley imports to respond to a growing demand for feed in its animal husbandry sector.

On staples, the customs office said that Iran had imported nearly three million tons of wheat worth more than $813 million in the 11 months to late February, while rice imports had amounted to 850,000 tons worth $776 million. Funds spend on sugar and black tea imports exceeded more than $650 million for the same period, it said.

The government has managed to maintain a smooth flow of basic goods into the country despite facing restrictions on trade and payment issue because of the illegal US sanctions and the spread of the coronavirus around the world.

IRICA has a list of 25 items of basic goods for which the government pays foreign currency at a subsidized price. In addition to staples, medicine and animal feed, the list also includes certain legumes, farming seeds, pesticides, meat, some dairy products, paper and manufacturing equipment.

The Central Bank of Iran (CBI) said last month that it had earmarked $9.2 billion between March and February to fund basic goods imports into the country.

SS