Currency fluctuations have been cited as one of the main reasons behind considerable saffron export hike in this period.
Statistics showed that $123 million worth of saffron was exported to various countries in the first five months of the current year (Mar. 21-Aug. 21), registering a 33 percent growth as compared to the last year’s corresponding period.
Iran is the largest producer of saffron in the world which accounts for 90 percent share of the world’s total saffron production volume.
However, exports of this product have not been developed significantly due to problems such as volatility in price of saffron in the global market, sharp fluctuations in price of currency and dealership, etc.
As a matter of fact, saffron export in Iran is more in bulky form and countries buying Iranian saffron supply this product to the consumer markets with the new packages under their own brand and gain huge profits in return.
According to the latest statistics of the Islamic Republic of Iran Customs Administration (IRICA) on Iran’s foreign trade, 95.831 tons of saffron, valued at $123,730,472, were exported to other countries in the same period.
Spain, United Arab Emirates (UAE), Italy, US, India, France, Canada, Germany, UK, Hong Kong, Pakistan, Australia, Iraq, Oman, Bahrain, Austria, South Africa, the Netherlands, Japan, New Zealand, Czech Republic, Vietnam, Taiwan, Qatar and Kuwait are the main buyers of Iranian saffron in the said period, IRICA added.
IRICA statistics showed that 69.486 tons of saffron, valued at $92,904,484, were exported in the first five months in the last year (March 20-August 20, 2017), showing a 37 and 33 percent hike in terms of weight and value, respectively.