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Iran’s Dairy Exports Soar 32% Year-Over-Year in June Quarter!
Iran’s dairy exports surged to $280.7 million in the three months before June 21, marking a 32% increase from the previous year. Iraq was the largest importer, accounting for nearly 40% of purchases, with notable buyers including Pakistan, the UAE, and Russia. Key exported products included milk powder (28%), ayran and kefir (19%), and cheese (16%). Government-subsidized currency for importing animal feed has boosted competitiveness. Overall, Iran’s agricultural exports reached $5.2 billion, up 29% from last year, reflecting ongoing efforts to diversify the economy away from oil dependence. This growth enhances Iran’s position in the global dairy market.
China Fuels Iran’s Economy: Contributing $65-70 Billion to Foreign Trade
Recent discussions highlight the deepening economic partnership between Iran and China, with approximately 50% of Iran’s non-oil trade occurring with China. Majid Reza Hariri, chairman of the Iran-China Joint Chamber of Commerce, noted that China accounts for 29% of Iran’s exports and 25% of its imports. China also purchases over 92% of Iran’s oil exports, amounting to $65-70 billion in combined trade. Iranian President Masoud Pezeshkian’s upcoming visit to China aims to strengthen these ties, with potential agreements to enhance cooperation, particularly in the energy sector, despite ongoing international sanctions.
Iran and EAEU Set to Launch Free Trade Agreement Implementation Soon
Russian-Iranian relations are on a positive trajectory, marked by increasing bilateral trade, cultural exchanges, and collaborative projects. Ambassador Aleksey Dedov highlights a projected 15% rise in trade turnover by 2024, supported by initiatives like national currency settlements and independent payment systems. Iran’s observer status in the Eurasian Economic Union (EAEU) is expected to further enhance trade relations. The Comprehensive Strategic Partnership Treaty promotes cultural, scientific, and educational cooperation, while energy projects, including the Bushehr nuclear plant and natural gas supplies, are prioritized. A new visa-free tourist exchange program has also boosted mutual tourism, reflecting a strong, evolving partnership.
Major Gold Discovery: Iran Unveils New Gold Mine in South Khorasan Province!
The Shadan gold mine has been recognized as a significant addition to the country’s gold reserves, following approval from the Ministry of Mine and Trade. It contains approximately 61 million tons of proven reserves, including 7.95 million tons of gold oxide ore and 53.1 million tons of gold sulfide ore. This development is expected to boost economic growth, create jobs, and attract investments in the mining sector. The mine’s operation aligns with a strategy to enhance the industry and promote sustainable practices. Overall, the Shadan gold mine holds promise for economic advancement and community development in the region.
Iran Shuts Down Cement and Steel Production: A Strategic Move for Economic Stability
The Iranian Interior Ministry has mandated a drastic 90% reduction in electricity supply for major manufacturers, including cement and steel sectors, due to a record surge in household electricity demand amidst soaring temperatures. Effective from May 15 for 15 days, this restriction has raised concerns among industry leaders about potential production halts. The Iranian Energy Ministry reported a peak demand of 60.709 gigawatts, significantly higher than last year. Industries Minister Mohammad Atabak criticized the decision, warning of severe repercussions for economic growth and employment. The government anticipates improved electricity supply by mid-June, but challenges remain for balancing household and industrial needs.
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