Iran-UK economic exchanges decline by 18 percent in Q1 2024

(MENAFN) According to a report by an Iranian news agency, economic exchanges between Iran and the United Kingdom (UK) witnessed an 18 percent decrease in the first three months of 2024 compared to the same period last year, totaling 18 million pounds. This figure marks a notable decline from the 22 million pounds recorded in the corresponding three months of the previous year, as reported by the British Ministerial Department of Business and Trade.

During January-March 2024, the UK exported commodities worth 14 million pounds to Iran, reflecting a 17 percent decrease year-on-year. Conversely, imports from Iran to the UK amounted to four million pounds, down by one million pounds compared to the same period last year.

Despite these recent declines, the British Ministerial Department of Business and Trade highlighted a significant increase in trade between Iran and the UK following Brexit. The trade volume between the two countries more than tripled after Brexit, reaching 696 million pounds in 2022. This surge in economic exchanges resulted in the highest level of trade between Iran and the UK over the past decade, with a remarkable growth rate of 72 percent in 2022.

However, despite this substantial growth, Iran ranked 98th among the UK's trading partners in 2022, and trade with Iran accounted for only 0.1 percent of the country's total foreign trade. Despite the challenges, the trajectory of economic exchanges between Iran and the UK underscores the potential for further collaboration and expansion in bilateral trade relations. As both countries navigate evolving geopolitical dynamics and economic landscapes, fostering robust trade ties remains a key priority for enhancing mutual prosperity and cooperation.



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