Iran's Trade Balance Falls Negative In 2020
The Central Bank of Iran declared the country's trade balance in 2020 was negative.
ICBPS- As stated by the Central Bank of Iran (CBI), the nation’s trade balance in 2020 was negative, except for September-October.
According to a recent report by the CBI, Iran’s exports in the first 12 months of last year numbered $34 billion and 998 million, and the country’s imports to 38 billion and 893 million dollars.
The report also stated that the highest amount of exports was recorded in October in 2020 with the figure of $4 billion and 672 million, and the highest amount of imports was recorded in February-March with $4 billion and 572 million.
The International Monetary Fund (IMF) had previously indicated a negative trade balance for Iran in 2020, predicting that Iran’s total oil, non-oil, imports, and exports would reach $46 billion in 2021 and that the country’s imports would be $18.6 billion and higher.
The trade balance is the difference between the monetary value of a nation’s exports and imports over a specific time period.
This index is one of the crucial criteria for measuring the nation’s potential to trade and invest in the country’s economy, and its increase will cause the currency to fortify and strengthen the national currency.
In recent years, especially after the United States withdrew from the JCPOA (Iran Deal), Tehran’s trade with other countries has decreased significantly even with its economic partners.
The CBI expressed Iran’s trade balance in 2019 was also negative, and the country’s exports counted as $43 billion and 735 million, and the number of imports was $41 million and 370 thousand.
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