Iran-EU Trade Hits $4 Billion

EghtesadOnline: Iran and the 27 member states of the European Union traded over €4 billion worth of goods during the first 11 months of 2020, to post a 12% decline compared with the previous year's corresponding period, when they exchanged €4.6 billion worth of commodities.

News ID: ۷۸۵۸۶۵

31 January 2021

Germany remained the top trading partner of Iran during the period, as the two countries exchanged €1.612 million worth of goods, 5.88% higher year-on-year.

Italy came next with €608.47 million worth of trade with Iran. A year-on-year comparison of the figure indicates a 31.53% decline in bilateral trade between Iran and Italy.

The Netherlands with €441 million (down 5.61%), France with €246.5 million (down 31%) and Spain with €242 million (down 10%) were Iran's other major European trading partners.

Slovakia registered the highest growth in trade with Iran during the period under the review–144.8%. Iran's trade with Germany grew by 5.88% during the nine months under review, which is the highest among leading European trade partners of Iran.

Eurostat is a directorate of the European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to EU institutions and promote the harmonization of statistical methods across its member states and candidates for accession.

Organizations in different countries that cooperate with Eurostat are summarized under the European Statistical System.

Trade with EU states experienced a 7% decline in November to reach €383.9 million. During the period, Iran shipped 53.27 million worth of goods to the green continent as imports hit €330.6 million.

Figures extracted from Eurostat's datasets show Iran exported €658.05 million worth of goods to the EU, recording a year-on-year increase of 4.79%.

Iran’s main export destinations in the European bloc over the period were Germany (€242 million), the Netherlands (€112.3 million), Italy (€95.59 million) and Spain (€51 million).

Exports to the Netherlands saw the largest increase of 288% year-on-year.

Top exported goods mainly included edible fruit and nuts; fruit zest worth €219.8 million; mineral fuels, mineral oils and products of their distillation; bituminous substances and mineral waxes worth €95.03 million; plastics and articles thereof worth €55.24 million; pharmaceutical products worth €34.23 million; coffee, tea, mate and spices worth €30 million; products of animal origin, not elsewhere specified or included, worth €30 million; iron and steel worth €26.4 million; organic chemicals worth €21.73 million; carpets and other textile floor coverings worth €19.94 million.

Iran’s imports from the EU member states declined by 15.37% YOY to €3.36 billion during the period under review. Germany accounted for the largest portion of exports to Iran with €1.369 billion, up 1% YOY, followed by Italy (€512.8 million), the Netherlands (€329 million) and France (€231 million).

The imports mainly included nuclear reactors, boilers, machinery and mechanical appliances; parts thereof worth €783.6 million; pharmaceutical products worth €466 million; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof worth €358.84 million; cereals worth €304 million; electrical machinery, equipment and parts thereof; and sound recorders and reproducers, television image and sound recorders and reproducers, and parts worth €171.5 million; organic chemicals worth €101.26 million; miscellaneous chemical products worth €88.11 million; oilseeds and oleaginous fruits, seeds, fruit, industrial or medicinal plants worth €81.88 million; plastics and articles thereof worth €72.159 million; essential oils and resinoids; perfumery, cosmetic or toilet preparations worth €56.92 million.

Other imported products included rail or tramway locomotives, rolling stock and parts thereof; rail or tramway track fixtures, fittings and parts thereof worth €55.74 million; miscellaneous edible preparations worth €50.2 million; manmade staple fibers worth €45.6 million; tanning or dyeing extracts, paper and paperboard, as well as paper pulp, worth €42.13 million; tannins and their derivatives, dyes, pigments and other coloring matter, paints, varnishes, putty and inks worth €42.13 million; tobacco and manufactured tobacco substitutes worth €41.74 million; iron and steel products worth €34.9 million; inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes with €39.7, vehicles other than rail or tramway rolling stock, and parts and accessories thereof worth €29.89 million; and albuminoidal substances, modified starches; glues and enzymes worth €25.68 million.

The decline in Iran-EU trade in recent times is mainly due to unilateral US sanctions.

Iran and world powers signed a nuclear agreement in 2015 called the Joint Comprehensive Plan of Action. The deal’s main aim was to limit the scope of Iran’s nuclear program in exchange for lifting international sanctions against Tehran.

The government of former US president, Donald Trump, unilaterally withdrew from the Iran nuclear deal in 2018.

The European Union has vowed to save the Iran nuclear deal.

"We will redouble our efforts to preserve the agreement and return to its full implementation by all parties," European Commission Spokesman Peter Stano was quoted as saying by DW recently.