Iran's Transactions With EU Rises 5% to €3.8 Billion in 10 Months

EghtesadOnline: Iran and the 27 member states of the European Union traded €3.38 billion worth of goods from the beginning of 2021 till October end, registering a 5.27% growth compared with last year's corresponding period.

News ID: ۷۸۷۵۳۹

01 January 2022

Bilateral trade grew by 35.16% in October to hit €460.07 million.

Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU region during the 10-month period, as the two countries exchanged €1.39 billion worth of goods, 3.89% less than the year before.

Italy came next with €499.747 million worth of trade with Iran. A year-on-year comparison of trade volume indicates a 10.69% decline.

The Netherlands with €394.29 million (down 3.55%), Spain with €261.64 million (up 24.33%) and Belgium with €239.88 million (up 35.23%) were Iran's other major European trade partners.

Romania registered the highest growth of 466.43% in trade with Iran during the 10 months under review. Estonia with 236.07% and Croatia with 98.43% came next.

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 concept of European Statistical System.

Iran exported €736.14 million worth of commodities to EU during the period, indicating a 21.63% growth year-on-year.

Germany with €226.1 million, Italy with €149.34 million, Spain with €69.36 million, Romania with €53.84 million and Belgium with €55.24 million were Iran’s main export destinations.

Iran exported €103 million worth of goods to EU partners in October, up 103% YOY.

The main export destinations included Germany (€21.62 million), Italy (€20.41 million), Belgium (€14.6 million) and Spain (€9.95 million).

Iran’s imports from the EU member states grew by 2% YOY to €3.09 billion. Germany accounted for the largest share of exports with €1.16 billion, down 4.82% YOY, followed by the Netherlands (€365.32 million), Italy (€350.04 million), Spain (€192.23 million) and Belgium (€184.46 million).

Imports from the EU grew by 23.22% YOY to €358.78 million in October.

Trade between Iran and EU member states stood at €4.24 billion in 2020 to register a 13.35% decline compared with €4.89 billion in 2019.

Iran exported €618.03 million worth of commodities to EU last year, indicating a 7.18% fall compared with €665.8 million in 2019. Its imports from EU dropped by 14.32% to stand at €3.62 billion.

Trade between Iran and the EU gained momentum after Tehran signed the nuclear deal with six world powers in 2015. The deal formally known as the Joint Comprehensive Plan of Action saw years of international sanctions against the Islamic Republic lifted. In exchange, the country agreed to limit the scope of its nuclear program. JCPOA was implemented in 2016.

However, in 2018, Washington unilaterally quit JCPOA that it had signed with five other countries and Iran. The US then reimposed sanctions against Tehran, leading to a decline in Iran’s foreign trade, including with the EU.