Iran's leaders acknowledge 35% trade slump, pledge diplomacy and defence
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Iran's president said sanctions and the US naval blockade caused exports and imports to slump by nearly 35 percent. The government pledged to pursue diplomacy and defence while addressing economic fallout, including inflation and unemployment. The admissions came as Tehran signalled it would not back down and maintain control over the Strait of Hormuz.
Key Facts
- President Masoud Pezeshkian said exports and imports slumped nearly 35 percent due to sanctions and the blockade of Iranian ports.
- Annual inflation hit 66 percent last month, and residents in Tehran reported that the war had upended daily life.
- Iran sold about 90 million barrels of oil during the short-lived Memorandum of Understanding signed with Washington in June.
- Supreme Leader Ayatollah Mojtaba Khamenei called on the government to tackle economic and livelihood challenges, including inflation, unemployment, and price management.
- The government described diplomacy and defence as 'two complementary, coordinated and inseparable wings' for protecting national interests.
Economic Toll
President Masoud Pezeshkian told state media that exports and imports had slumped nearly 35 percent because of sanctions and the blockade of Iranian ports. Annual inflation hit 66 percent last month, and residents in Tehran told Al Jazeera the war had upended daily life. The government said addressing the economic fallout was now a central focus, including curbing inflation, creating jobs and gradually reducing dependence on the dollar. Supreme Leader Ayatollah Mojtaba Khamenei called on the government to tackle the hardship, citing inflation, unemployment, management of prices and the market for goods and services.
Diplomacy and Defence
In a statement on Saturday, the government described diplomacy and defence as 'two complementary, coordinated and inseparable wings' for protecting national interests and territorial integrity. Tehran signalled it would not back down, pledging to withstand US pressure, pursue diplomacy and maintain what it says is control over the Strait of Hormuz. President Pezeshkian has called for dialogue and a less confrontational relationship with neighbouring countries, saying none of them ruled over the other. Supreme Leader Khamenei has urged domestic unity and the preservation of social cohesion.
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Iran's leaders acknowledge 35% trade slump, pledge diplomacy and defence
