Iran's annual car imports exceed $1b

Iran imported over 44,000 cars, worth more than $1 billion, during the past Iranian calendar year, which ended on March 20, ISNA reported. The imports showed 11.3 percent rise year on year. The average price of the imported cars was $24,441, according to the report.

The UAE, South Korea, and Kuwait were the main sources of exporting cars to Iran, with 57 percent, 27 percent, and 4 percent shares of the total number of exported cars, respectively.

On February 3, ISNA reported that the Iranian administration has decided to reduce car import charges by 5 percent in a bid to create a balance in prices of cars in the domestic market.

The car import charges will be decreased by 5 percent in the next Iranian calendar year, which begins on March 21.

Industrial Development and Renovation Organization's chairman Gholamreza Shafei said in December 2012 that the main problem facing the Iranian car industry is not the international sanctions, but is the shortage of revolving capital.

Iranian carmakers are manufacturing at 50 percent of their nominal capacity, he said. This is due to the shortage of capital, the Fars News Agency quoted him as saying.

Iran plans to manufacture at least three million cars by 2025 and export some one million sets, Iranian Industry, Mines, and Trade Minister Mehdi Ghazanfari said on June 16.

Source: Tehran Times