17 May 2023
ID : 44695
Link : https://en.otaghiranonline.ir/news/44695

Iran-UK trade more than tripled after Brexit

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 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.