Iran-EU Trade Value Doubles

EU-Iran Trade 95% increase

Iran’s trade with the European Union topped €9.9 billion in the first half of 2017, registering a 95% rise compared with last year's corresponding period.

Exports to EU’s 28 nations exceeded $5 billion, indicating a 227% rise year-on-year, Eurostat data shared with Financial Tribune show.

Eurostat is a directorate general of the European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to institutions of the European Union and to promote the harmonization of statistical methods across its member states and candidates for accession.

Petroleum, petroleum products and related materials accounted for a majority of Iran’s exports to the EU during the period, with a total value of €4.4 billion.

Iran has been ramping up exports, particularly hydrocarbons, over the past year to regain a market share it lost during the years it was under trade sanctions imposed by the United Nations Security Council over Tehran's nuclear energy program.

Efforts have been underway to restore traditional markets such as Greece and Italy, alongside a push to win new customers ever since the sanctions were lifted in January last year, as part of a landmark nuclear deal Tehran clinched with world powers in 2015.

Italy was the biggest importer from Iran in H1 among all the European states, as it bought €1.54 billion worth of Iranian goods during the period.

France, Greece and Spain followed with €1.26 billion, €638.5 million and €609.4 million worth of imports respectively.

Iran imported €4.94 billion worth of commodities from the European Union during the same period, recording a %38.5 YOY rise.

The imports mainly included manufactured goods and chemicals.

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