The volume of exchanges between Iran and the UK has more than tripled in the post-Brexit era, according to a report by the British Department for Business and Trade published by Iran's state news agency (IRNA) on Wednesday.
The report said that the Iran-UK trade reached a 10-year high of £696 million in 2022 which shows a 72% growth compared to figures reported in 2020 before Britain’s exit from the European Union.
The volume of exchanges between the two countries stood at £191 million in 2020 which increased to £405 million in 2021, the report added.
UK’s exports of goods and services to Iran totaled £531 million in 2022 which have doubled compared to £265 billion reported in 2021.
Exports of services accounted for £470 million of UK’s total exports to Iran in the year under review.
UK’s imports from Iran registered an 18% year-on-year growth reaching £165 million in 2022 from £140 million in 2021.
The UK also imported a significant amount of services from Iran as the share of services was £148 million of UK’s imports from Iran in 2022.