Egypt, Iran’s largest African export market: Iranian official

TEHRAN,May 12(MNA) - Egypt was Iran’s largest export market in Africa in the past [Iranian calendar] year, the director general of the Trade Promotion Organization of Iran’s office for Arab and African affairs stated. Iran exported over $410 million worth of products to Egypt in the past year, which ended on March 20, indicating over 1,400 percent growth compared to the year before, ILNA quoted Hossein Hosseini as saying on Saturday. He put the value of Iran’s imports from Egypt at $49 million. Iran’s non-oil trade with outside world hit $94.8 billion in the past year, Iranian Customs Administration Director Abbas Memarnejad said in April. Non-oil exports stood at $41.5 billion, while imports amounted to $53.3 billion in the last year, he added. According to official statistics, the figures were $43.7 billion and $61.7 billion, respectively, in the calendar year which ended in March 2012. At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors. The sanctions, which prevent the EU member states from purchasing Iranian oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012. The U.S.-engineered sanctions were imposed based on the accusation that Iran is pursuing non-civilian objectives in its nuclear energy program. Iran rejects the allegation, saying that as a committed signatory to Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.