The Ministry of Industries and Business in Iran released new statistics that indicate the United Arab Emirates is the first destination where the Made in Tehran products are being marketed. If reports are to be followed, a total worth of $775 million of products and goods have been exported from Iran to UAE in the ongoing Persian Year since the past eight months.
The goods exported to UAE are then re-exported to other countries from UAE. This is mainly because Iran does not have friendly ties with many of the Western nations as of now and UAE would serve as a hub for exports. There are several other countries that import goods from Iran largely.
The total worth of exports from Iran to Afghanistan went up to over $476 million, while Iran imported $416 million worth of goods from Tehran. Turkey came fourth in the list, with the total exports summing up to $216 million. The goods manufactured in Iran are in great demand across various markets from all over the world.
Germany and Italy have also been importing goods from Tehran to a great extent despite the sanctions imposed by the United States on the economy of Iran. Several companies from Germany have collectively imported $124 million worth goods and services while Italy has imported trades worth $75 million.
However, the major problem faced by Iran during imports and exports is that they are unable to exchange or transfer currencies between various nations and hence, the importers are not able to pay Iran properly. Due to this, the trade between Iran and various other nations is slowing down as importing of currencies to receive payment for the exported goods still remains to be a major problem.
But the brighter side is that, with UAE marketing the Made in Tehran goods to the worldwide markets, the economy of Iran now has a better chance of revival. This would also help Iran in establishing stability in its economy and reduce the number of unemployed people in the Islamic Republic of Iran.