$35 Billion in Iranian Oil Exports Over 12 Months

According to the Iranian Labour News Agency, citing the head of the Customs Administration, Mohammad Reza Vani Far, "Iran's oil exports reached $35.8 billion in the twelve months ending in March 2024." Despite the reimposition of U.S. sanctions on Tehran in 2018, Chinese purchases of Iranian oil have allowed the country to maintain a surplus in the trade balance. Vani Far stated that without oil exports, Iran would have recorded a trade deficit of $16.8 billion. He added that the total trade volume grew by 2.6 percent year-on-year to $153 billion, of which $86.8 billion were exports from Iran.