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Iran's imports decline sharply as country strives for self-reliance

25 Jul '23

3 min read

Pic: Shutterstock

Insights

Iran has experienced a sharp decline in textile imports, dropping to $****** million in 2022 from $****** million in 2011.
In response to sanctions, Iran is implementing import substitution policies, focusing on domestic production and diversifying trade partners.
This self-reliance drive comes as sanctions severely impact Iran's oil export capacity.

Iran’s textile, home textile and apparel imports from China and India decreased by over ** per cent and ** per cent, respectively, while imports from Turkiye, Malaysia and Hungary increased in **** as compared to ****, according to Fibre2Fashion’s market insight tool TexPro. This decline can largely be attributed to economic and other sanctions imposed on Iran by the international communities.

Despite this, the country has experienced an uptick in textile imports from countries like Turkiye, Malaysia, and Hungary. This spike is likely indicative of the evolving roadmap of Iran&#**;s trade relationships and a testament to its determination to sustain and adapt its economy in the face of international challenges.