Iran’s import of Aluminium Tubes and Pipes during 2018-20 reflects uneven movement

The economy of Iran is tumbling down after years of U.S. sanctions and Iran has been insisting the United States withdraw those restrictions before the two sides can return to nuclear talks. The economy shrunk to an estimated 4.99% in 2020, gradually diminishing since 2017. In comparison, the nation relished a sharp economic growth of 12.5% in 2016 after the nuclear deal was signed. However, that acquit was short-termed. IMF predicts Iran’s gross domestic product growing 3% in 2021.

The Western Asian country has recorded the importation of aluminium tubes and pipes during 2018-19 was 1164 tonnes and the expenditure occurred for the import remained at $4.12 million respectively. The import for 2020 stood at 417 tonnes and the expenditure accounted was $1.41 million. When the import and expenditure for 2020 get added with the existing two years, it signifies 1581 tonnes and $5.53 million respectively.

Iran’s import of aluminium tubes and pipes in 2018 stood at 412 tonnes and the expenditure remained at $1.46 million, whereas, in 2019, the import grew by 82.52%, as the import volume rose to 752 tonnes and expenditure inclined to $2.66 million.

The import for 2020 reflected a downfall by 44.54%, as the import volume drops to 417 tonnes and the expenditure reduced to $1.41 million.

Iran’s major trading destination for aluminium tubes and pipes are Belgium, China, Netherlands, South Korea, Taiwan, Turkey, etc.