Iran relaxes restrictions on hand-woven carpet exports

Iran relaxes restrictions on hand-woven carpet exports

According to the Iran National Carpet Center (INCC), in an effort to increase the sector's hard currency profits, the government has loosened its restrictions on the export of hand-woven carpets.

Iran (IMNA) – The Iranian government will no longer oblige carpet exporters to contribute their export revenues to a scheme that allows importers to buy hard currency at discounted rates, according to Farahnaz Rafe' on Monday.

According to Rafe, the goal of the policy is to promote more exports of Iran's hand-woven carpets. Iran is known around the globe for its superior rugs.

She claimed that during the previous several years, a significant drop in shipments had occurred as a result of nearly all Iranian exporters being subject to the obligation to refund export revenues.

"The finance ministry has approved this, and soon there will be some good news in this regard," the official added.

According to figures from the Iranian Customs Office, Iran's exports of hand-woven carpets fell to a historic low of about $50 million in the year ending in late March.

Iran relaxes restrictions on hand-woven carpet exports

The amount was far less than the $700 million milestone that was reached in 2018, right before Iran was subject to US sanctions.

Rafe' said that many exporters utilize re-export procedures to distribute their shipments to buyers in Europe and other locations in order to escape banking and trade limitations brought on by US sanctions. Rafe' claimed that official customs data do not accurately reflect the reality of Iranian exports of hand-woven carpets.

According to her, unconfirmed estimates indicate that Iran exported hand-woven carpets valued at $400–500 million in the year ending in late March. She also noted that income levels were comparable to those reported in 2015, when Iran had recently ended a previous round of international sanctions.

The INNC leader expressed optimism that loosening restrictions on Iranian carpet exports will result in a significant increase in shipments soon.

Source: Imna