EU’s exports to Iran stand at €2.2 billion in seven months, down 11% yoy

The spread of the new coronavirus and US sanctions has hit the European Union’s exports to Iran in the first seven months of 2020 bringing their value to €2.209 billion.

26 September 2020
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The spread of the new coronavirus and US sanctions has hit the European Union’s exports to Iran in the first seven months of 2020 bringing their value to €2.209 billion.

Shahid Rajaee Port in Iranian southern city of Bandar Abbas.

The spread of the new coronavirus and US sanctions has caused a drop in the European Union’s exports to Iran in the first seven months of 2020.

Imports from the EU fell by 11 percent over January-July 2020 compared to the same period last year to stand at €2.209 billion in value terms, a report by Tehran chamber of commerce (TCCIMA) said.

The report said, however, that Iran’s exports to the EU were up nearly five percent to stand at €440 million although non-oil exports had declined by 11 percent over the period.

Germany remained Iran’s top trading partner in the EU region and was responsible for nearly 41 percent of all Iran-EU exchanges worth €2.649 billion reported over the seven months to July, it said, adding that trade with Germany and the Netherlands grew against a decline recorded in exchanges with France and Italy.

April was the worst month on record for Iran-EU trade as pandemic restrictions in both Iran and across the EU caused a decline in exchanges, showed the figures by the TCCIMA.

Iran’s imports from the EU reached its lowest point in July with a 29-percent decline year on year, said the report, adding that trade boomed significantly in January before the pandemic and fresh round of American sanctions imposed on Iran caused a visible decline in the value and volume of the shipments.

Trade between Iran and EU member states in 2019 stood at €5,22 billion to register a 71,54 percent decline compared with €18,35 billion in 2018, data provided by Eurostat, the European Statistical Office, show.

The EU exported goods worth €4,52 billion to Iran, a decrease of 49 percent compared with 2018. Iran exported goods worth €701 million to the EU members, 93 percent less than the year before.

 

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