Oil and Gas have dominated the economy of Iran as they cover largest revenue for the government and the country (accounting for 82 percent of the country's export revenues), since Iran has 10% of the world’s oil reserves.
When it comes to top industries, Oil and Gas have dominated the economy of Iran as they cover largest revenue for the government and the country (accounting for 82 percent of the country's export revenues), since Iran has 10% of the world’s oil reserves. Moreover, industries such as petrochemicals, fertilizers, caustic soda, Automotive, pharmaceuticals, telecom, energy, construction materials, textiles, cement, metal fabrication and food processing are among tops.
Total export rate
Export rate of Iran was reported $92 billion in 2017. On top of the export products petroleum ranked the first, and the rest were petrochemicals, fruits, nuts, carpet and etc.
Export & Import partners
Most important Export partners of Iran which sorted by their share in total exports in 2017 are China, India, South Korea, Turkey, Italy and Japan. (Chart 1)
And top import partners are UAE, China, Turkey, South Korea and Germany. (Chart 2)
(Chart 1)
(Chart 2)
In the following you can see the export rate for major industries of Iran in details.
Top industries export rate
- Petroleum
Petroleum has the largest revenue for the country and it holds $105.8 billion
- Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral
Mineral fuels, oils and other products such as bitumen and etc. are the second rate of export products in Iran, $75.2 billion.
- Plastics and articles thereof
Export rate of plastics and articles were reported $5.9 billion dollar in 2017.
- Carpets and other textile floor coverings
Iranian carpets and floor covering objects are among the most exclusive products in the world. The export rate of these objects to different countries were reported 817.3 Million dollar.
- Machinery, mechanical appliances, boilers; parts thereof
Iran was among the first countries in the world that had a sufficient knowledge and technology to manufacture Automobiles and mechanical appliances: however, the export rate of Machinery, Mechanical appliances and etc. were reported 614.3 Million dollar in the last year.
After removing international sanctions, Iran has assigned agreements and M.O.Us with most developed countries such as Germany, Italy and etc. in order to improve domestic industry and production. Moreover, Iran has experienced an impressive increase in tourism which is gradually becoming one of the most important aspects of the economy and can influence economic growth. This enhancements can show a great potential for expansion in this sector, according to World travel and tourism council direct contribution of tourism on GDP in Iran was $11.8 billion dollar, which indicates 2.8% of total GDP in 2017. It is forecasted to rise 7.4% in 2018.
Sources: Statista, WorldAtlas, WTTC, Trade Map, Financial Tribune.
