Iran's shipments to EU increase despite decline in overall trade

12/29/2024 8:27:02 AM

(MENAFN) Iran's exports to the European Union rose by six percent in the first ten months of 2024, according to Eurostat data, even as total trade between the two sides saw a one percent decrease.

From January to October 2024, total trade between Iran and the EU amounted to €3.77 billion (approximately USD3.93 billion), down from €3.81 billion (approximately USD3.96 billion) during the same period in 2023.

Exports from the EU to Iran were just over €3 billion (approximately USD3.13 billion), marking a two percent decline year-on-year. In contrast, Iranian exports to the EU grew from €654 million (approximately USD682 million) in 2023 to €695 million (approximately USD725 million) in 2024.

In October 2024, bilateral trade totaled €300 million (approximately USD313 million), reflecting a 19 percent drop from €369 million (approximately USD387 million) in October 2023. This is the lowest monthly trade volume since January 2021.

Iranian exports to the EU in October increased by nine percent to €65 million (approximately USD68 million), while EU exports to Iran saw a 24 percent decrease, falling to €235 million (approximately USD246 million).

Germany remained Iran's largest trade partner within the EU, with €1.23 billion (approximately USD1.28 billion) in trade. Italy followed with €585 million (approximately USD610 million), the Netherlands with €512 million (approximately USD533 million), Belgium with €281 million (approximately USD293 million), and France with €234 million (approximately USD244 million).

The data highlights mixed trade dynamics amid ongoing economic and geopolitical challenges. Iranian officials have emphasized the importance of strengthening trade in non-sanctioned sectors and establishing trade offices to enhance economic relations with Europe.

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