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AFTER U.S. SANCTIONS, IRAN’S PETROCHEMICAL EXPORTS DECLINE

The United States have started to enforce sanctions in the second half of 2018 after withdrawing from the 2015 nuclear deal.

Iran’s ports of petrochemical products during the last fiscal year stood at 20 million tons, compared to the 22.4 million that the country exported during the previous year, according to a report by Radio Farda.

Iran’s fiscal year ended on March 20, 2019. The official statistics released by the National Iranian Petrochemical Company show a decrease of over 2 million tons compared to the previous year (March 21, 2017-March 20, 2018). The revenues went down from $12 billion to $10.645 billion.

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The head of the state-owned Nouri Petrochemical Company Taghi Sanei did not point to a direct correlation between the decrease in exports and the US sanctions. However the figures show that the country’s petrochemical exports declined by 13% in value and 10.7% in volume since the sanctions have been imposed again.

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Among other measures, the US has banned the use of the US dollar for any trade with Iran, forcing the Islamic Republic to use other ways to receive payments for its exports.

The sanctions are also affecting some of the country’s allies. According to Bloomberg, drivers in Damascus are suffering from a shortage of gasoline, after Iranian oil shipments ended last October.

Source: Jpost.com

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