Iran Oilseeds and Vegetable Oil Factories Co-operative Co

The pace of growth in export declined by a little more than half in December, compared to November, even as these grew by double-digits for a second month in a row. At $27 billion, export was up 12.4 per cent in December, compared to 30.5 per cent growth in November. The December figure has again prompted exporters to air grievances about refunds in the goods and services tax (GST) regime. However, they say the country is on course to meet the target of $300 billion in 2017-18.

The growth rate declined in refinery products, engineering, electronics, and gems & jewellery, among others. For instance, oil export growth declined to 25.1 per cent, from 47.7 per cent in November; engineering goods to 25.3 per cent, from 43.8 per cent; electronics to 4.8 per cent, from 26 per cent; and gems & jewellery to 2.4 per cent, from 32.7 per cent. 

Agriculture produce added to the items which contracted in December, due to subdued demand globally. 

Import rose 21.1 per cent in December to $41.9 billion due to more of gold and oil. The import rise was 19.6 per cent the previous month. 

Oil import was 34.9 per cent higher at $10.3 billion. The rise in November had been 39.1 per cent, to $9.5 billion. Gold import was up 71.5 per cent to $3.4 billion; that was after a drop of 25.9 per cent to $3.3 billion in November.