Iran-EU Trade Sees Increase in Value in January 2023

(MENAFN) According to the European Union's statistics office Eurostat, the value of trade between Iran and European Union (EU) member states rose by five percent in January 2023 compared to January 2022. The Eurostat data shows that Iran-EU trade was valued at USD401 million in the first month of this year, up from USD381 million in the same period of the previous year. The EU's export to Iran increased by seven percent to USD323 million in January 2023, while the union's monthly import from Iran decreased by two percent from USD80 million to USD78 million.

The Eurostat previously announced that the value of Iran's exports to the EU member states rose 15 percent in 2022 compared to the previous year. In 2022, Iran exported commodities worth €1.055 billion to the union, while in 2021, the figure was €922 million. The EU's export to Iran also increased by seven percent to €4.183 billion from €3.931 billion.

The total value of trade between Iran and the European Union reached €5.238 billion in January-December 2022, up from €3.931 billion in 2021, according to the Eurostat. Among European countries, Germany was Iran's top trading partner in 2022, accounting for about 35 percent of Iran's trade with the European Union. Germany exported €1.582 billion worth of goods to Iran while importing €278 million worth of commodities from the Islamic Republic, with the country's total trade with Iran standing at €1.860 billion.

Italy was Iran's second-largest trading partner in 2022, with the total trade between the two countries standing at €712 million. Italy exported €551 million worth of goods to Iran, while the imports stood at €161 million. The increase in the value of trade between Iran and the EU member states is a positive development for both parties, indicating a growing economic relationship and the potential for increased cooperation in the future.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.