Page 22 - IRANRptFeb21
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 5.0​ External Sector & Trade
5.1​ Balance of payments and current account
5.1.1 ​current account dynamics
      Iran’s current account balance likely at -0.5% of GDP in 2020, says IMF
   The International Monetary Fund (IMF) estimated in its updated World Economic Outlook in October that ​Iran’s current account balance as a percentage of GDP would likely be at the 1.1%, -0.5% and 0.3% for 2019, 2020 and 2021, respectively​, as a result of the impact of the coronavirus (COVID-19) pandemic.
The IMF estimated that the government held $112bn of foreign assets and reserves in March last year. It also indicated that Iran ran a current account surplus. The figures imply that Iran might withstand the sanctions without an external payments crisis.
But the IMF also noted that Tehran was having difficulty accessing some of its reserves as its relations with foreign banks were constrained by the threat of US sanctions. Meanwhile, sanctions could cut the current account surplus sharply given the severe disruption they are causing to trade.
  5.1.2 ​Import/export dynamics
 Iran’s non-oil foreign trade reaches $58.7bn in first 10 months of Persian year
  Iran’s non-oil foreign trade reached a value of $58.7bn in the first 10 months of the 2020/2021 Persian year (ended January 19), according to Mehdi Mirashrafi, head of Islami​c Republic of Iran Customs Administration (IRICA), as quoted by ISNA.
Exports fell 20% y/y to $28.06bn, while imports decreased 15.5% y/y to $30.63bn, Mirashrafi added.
The main export destinations included China ($7.2 bn), Iraq ($6.3bn), the UAE
 22​ IRAN Country Report February 2021 www.intellinews.com
  





















































































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