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02-05-23

Iran's Large Mining Companies Record USD12.2B in Exports Despite Setbacks

(MENAFN) Iran's large mining companies recorded a 3.5 percent increase in weight and a 7.6 percent drop in value in the past Iranian calendar year 1401, with exports totaling USD12.239 billion. Of all the mining categories, the steel chain accounted for the largest export value at USD5.76 billion despite a 22 percent drop in export value and a 6 percent decrease in weight. The copper chain came in second place with exports worth USD1.577 billion, down 27 percent from the previous year. Meanwhile, the aluminum chain saw an increase in export value by 29 percent, amounting to USD973 million.

One of the factors contributing to the decline in steel chain exports, according to Amir Sabagh, the director for economic affairs and investment development in the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), was the natural gas and electricity cut-offs in the country. Despite this setback, Iran's mining companies recorded total sales of USD22.4 billion through the stock market in the past Iranian year, marking an 18 percent increase compared to the previous year.

While the performance of the minerals and mining industry sectors in Iran's stock market has been outstanding, the country's stock market has experienced significant development in recent years, particularly in the last two Iranian calendar years. The mining industry plays a crucial role in Iran's economy, and the growth and development of this sector is vital for the country's overall economic growth.
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