Iran non-oil exports surge 29 per cent despite sanctions

Iran's non-oil exports surged 29 per cent to nearly $44 billion in the year to mid-March despite tough Western sanctions to rein in Tehran's disputed nuclear drive, according to officials and data.

Overall exports excluding crude oil hit $48 billion, Kiumars Fathollah Kermanshahi, a deputy head of Iran's Trade Promotion Organisation, told the official IRNA news agency.

Iran raked in $43.8 billion for exporting products other than oil, and a further $4.2 billion for exporting technological services, Kermanshahi said.

Exports of non-oil products during same period a year before were worth $34 billion, excluding technological services.

But more than half of what the exports generated were raised by a large growth in the amount of petrochemical products and gas condensates exported, figures released by Iran's customs showed.

The boost was realized due to an increase in Iran's production of the two products in the past year, and their rising value in the global markets because of soaring oil prices.

The export of petrochemicals saw a 55-per cent boost, amounting to $15 billion, and that of gas condensates was raised by 36 per cent, bringing in $10 billion, according to the figures.

China, the United Arab Emirates -- which acts as the hub for the re-export of goods to Iran -- as well as Iraq and India have emerged as the main destinations for the country's non-oil goods.

For its oil exports, Iran, the OPEC oil cartel's second largest producer, is estimated by Iranian media to have generated $100 billion during the same period.

Iran earned about $78 billion by exporting oil during the year before that. It exports most of its crude oil to China, India, Japan and South Korea. Official figures for the past year have yet to be released.

The sharp increase in Iranian exports came against the backdrop of a tough trade and financial sanctions regime put in place since 2010 by Western powers who fear Tehran's nuclear programme masks a military dimension.