Iran’s oil exports surge to $35.8b in year leading to March

Iran’s oil exports surged to $35.8 billion in the 12 months ending March 2024, according to Reuters citing Mohammad Rezvanifar, the head of Customs in Iran.

Despite the re-establishment of US sanctions on Tehran in 2018, Chinese acquisitions of Iranian oil have enabled the nation to uphold a favourable trade balance.

Rezvanifar emphasised that minus oil exports, Iran would have incurred a trade deficit of $16.8 billion. Moreover, he highlighted that overall trade experienced a 2.6 per cent year on year (YoY) growth, reaching a total value of $153 billion, of which Iranian exports accounted for $86.8 billion.