trade between Iran, EU sees 8 percent increase in January-March 2024
Date
5/27/2024 8:41:37 AM
(MENAFN) The trade between Iran and the European Union (EU) member states saw a notable increase in the first quarter of 2024, reaching €1.276 billion (USD1,38 billion), marking an 8 percent growth compared to the same period last year, according to data released by Eurostat, European Union's statistics office.
During the mentioned period, the EU's exports to Iran totaled €1.06 billion, reflecting a 10 percent rise from the previous year's figure of €958 million (USD1,04 billion). On the other hand, imports from Iran to the EU amounted to €216 million, indicating a slight decrease of three percent compared to the same period in the previous year, when imports stood at €220 million (USD238,8 million).
In 2023, the total trade between Iran and the EU declined by nine percent, reaching €4.732 billion (USD5,13 billion), in contrast to the previous year's figure of €5.244 billion (USD5,69 billion). The EU's exports to Iran in 2023 amounted to €3.993 billion (USD4,33 billion), marking a six percent decrease compared to the previous year's exports of €4.187 billion (USD4,54 billion). Meanwhile, imports from Iran to the EU totaled €799 million (USD866,9 million), representing a significant 24 percent decline from the 2022 figure of €1.057 billion (USD1,14 billion).
Eurostat data further revealed that Germany emerged as Iran's leading trade partner in Europe in 2023, accounting for 36 percent of the total Iran-EU trade. The trade volume between Iran and Germany reached €1.432 billion (USD1,5 billion), with Germany exporting €1.199 billion (USD1,30 billion) worth of goods to Iran and importing €233 million (USD252,8 million) from Iran. Despite Germany's substantial trade volume, both exports and imports witnessed declines of 24 percent and 16 percent, respectively, compared to the previous year.
Following Germany, Italy and the Netherlands ranked as the second and third largest European trade partners of Iran in 2023.
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