$3.3b trade surplus in Iran’s mining sector(Financial Tribune, 26 April 2017)
Iran exported more than 57.68 million tons of mineral products worth over $7 billion during the previous fiscal year (March 2016-17), registering a 38% and 17% growth in trade volume and value respectively compared with the year before. Mineral exports accounted for 44% and 16% of Iran’s total export volume and value during the period respectively, according to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO). The mining industry accounts for only about 5% of Iran’s GDP. Crude steel and steel products took the lion’s share of exports in terms of value, as 6.69 million tons worth $2.69 billion were shipped overseas during period, up 49% and 0.3% in weight and value respectively YOY. Iron ore followed with 21.19 million tons worth $818 million, up 55% and 56% in weight and value respectively. Copper and copper products came next with 810,138 tons valued at $662 million, up 147% and 131% in weight and value respectively. Copper shipments recorded the highest growth in volume and value among all mineral commodities after precious metal exports. Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.
First ATR aircraft to land in Mehrabad on 28 April 2017(Mehr News Agency, 26 April 2017)
A director of Iran Air has announced that the first out of four ATR 72-600 airplanes will arrive in Tehran on 28 April 2017 after going through flight tests. The French-Italian ATR plane manufacturer has signed a deal with Homa to provide it with 20 planes. This is a third plane manufacturer after Airbus and Boeing had successfully signed lucrative deals with Iran.
Iran’s cross border trade improved in 2017: World Bank(Tehran Times, 25 April 2017)
The World Bank in its recent report titled “Doing Business 2017” said that Iran has improved its trading across borders through applying the national single-window system. The single-window system is a trade facilitation idea enabling cross-border traders to submit regulatory documents such as customs declarations, applications for import/export permits, certificates of origin, and trading invoices at a single location.
Banking reconnection follows nuclear deal(Financial Tribune, 26 April 2017)
Iran’s Ministry of Economic Affairs and Finance has published a report detailing the performance of seven Iranian banks in the area of correspondent relations, indicating that the international banking system is gradually warming up to reestablishing ties with the country. In its report, the ministry outlines the performance of Bank Melli, Bank Keshavarzi, Bank of Industry and Mine, Export Development Bank of Iran, Tejarat Bank, Bank Maskan and Bank Mellat. They have all managed to reconnect with banks of several countries following the easing of sanctions since the implementation of the nuclear accord named Joint Comprehensive Plan of Action on 16 January 2016.
According to the Economy Ministry, Bank Melli established correspondent relations with 30 foreign banks. Bank Keshavarzi’s correspondent relations reached 99 and Bank of Industry and Mine’s foreign correspondent banks reached 75 by the end of 2016, including lenders from Germany, Italy, Spain, France, the UK, China, Switzerland and Russia. the Export Development Bank of Iran has made “significant achievements”, as the bank’s correspondent relations spiked from only six banks under the intensified pressure of international sanctions to 75 banks. the Export Development Bank of Iran has made “significant achievements”, as the bank’s correspondent relations spiked from only six banks under the intensified pressure of international sanctions to 75 banks succeeded in establishing ties with 65 active correspondents. Bank Maskan established ties with 11 banks of Germany, Spain, Belgium, Austria, Switzerland and Thailand after JCPOA. Bank Mellat had only 12 correspondent relations at the onset of the sanctions-era and as a result of its disconnection with SWIFT interbank network, but the figure increased to 45 by the time sanctions were being lifted.
Iran ranks as No.2 oil supplier to South Korea 1st time for a quarter(Tehran Times, 25 April 2017)
Iran ranked as South Korea’s second-biggest oil exporter over the first three months of 2017 as it ramped up output to regain market share after sanctions were lifted in January 2016. South Korea’s March imports from Iran more than doubled from a year ago to a record of 18.54 million barrels, or 597,935 barrels per day (bpd), data from state-run Korea National Oil Corp (KNOC) showed on 24 April 2017. In the first quarter of 2016, Iran was South Korea’s fifth-biggest oil supplier behind Saudi Arabia, Iraq, Kuwait and Qatar, according to KNOC data. This year’s surge in Iranian crude supply came after Tehran was exempted from production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) to clear a global glut. Iran’s jump to the No.2 spot is also due to solid condensate demand from South Korean refiners such as SK Energy and Hyundai Oilbank. Saudi Arabia held onto its spot as South Korea’s top oil supplier for both March and the full quarter.
Iran launches national fiber optic connectivity plan(Press TV, 24 April 2017)
Iran has launched an ambitious project to connect houses to a nationwide fiber optic network, a project the Rouhani administration has been working on for a few years. The project has been developed by Iran Telecommunications Company (ICT). Currently, it covers nine cities including the capital Tehran and is soon expand to other areas of the country. Iran’s Minister of Communication and Information Technology Mr. Mahmoud Vaezi said that Iran’s data transfer capacity had increased by 11 times since 2013 to reach as high as 10,000 gigabytes. Mr. Vaezi said around 900 cities and towns across Iran currently are under the coverage of third generation of wireless mobile telecommunications – briefly referred to as 3G. He also added that the number of towns and cities under the 4G coverage currently stood at 742.
By Natela Outtier
