While Iran is struggling with the issue of foreign trade deficit, it appears that the industry of home appliances is capable of contributing to the country’s balance of trade.
Iran’s non-oil trade over the first seven months of the current fiscal year (started March 20) valued $52 billion.
According to the latest statistics by the Trade Promotion Organization of Iran, the country’s imports in this period saw a surge of 15 percent to reach $27.8 billion and its exports dropped by 2.17 percent to stand at $24.7 billion.
Although the value of Iran’s trade over the mentioned period grew by 6.2 percent, the country suffered from $3 billion in deficit.
This is while the association of industries of household appliances of Iran says the country’s annual revenue from exporting home appliances totals $300 million.
The value of production of home appliances in the country is about $8 billion and domestic manufacturers produce about 75 percent of the required home appliances for domestic consumption.
Currently, there are about 400 producers of home appliances in the country with about 100,000 workers.
Iranian officials say the cost of domestic production of home appliances is about half of the cost of their production in international markets.
The abovementioned figures signal the significance of increasing investment in the industry of home appliances. The Islamic Republic has authorized $1.831 billion in foreign direct investment over the first half of the current fiscal year. Although the figure is 58 percent more compared to $1.156 billion worth of projects approved by the administration over the first half of the last year, it appears the industry officials have failed to draw a considerable amount of investment to the sector.
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