Iran-EU Trade Down by 16% ; Germany Major Trade Partner

IRAN NEWS ECONOMIC DESK

TEHRAN – Iran’s trade with EU state has stood at 2.6b euros in the first seven months of 2020 which shows over 9 percent decline comparing to the same period in 2019 as Germany is currently Iran’s major European trade partner.

According to the Iran Chamber of Commerce’s recent study and its released report, Iran’s trade volume with EU countries hit 2.6b euros in first seven months which indicates over 9 percent slump.

According to the report, Iran’s overall trade with the EU nations fell in seven months to July although export increased slightly.

The spread of the coronavirus pandemic and new U.S. sanctions caused a drop in trade between Iran and the European Union countries in the first seven months this year although Iran sent more shipments the EU over the same period, shows a new report.

The report published Thursday by Tehran chamber of commerce (TCCIMA) said that imports from the EU fell by over 11 percent compared to January-July 2019 to stand at €2.209 billion in value terms.

The report said, however, that Iranian exports to the EU were up nearly five percent at €440 million although non-oil exports had declined by 11 percent over the period.

Germany remained Iran’s top trading partner in the EU region and was responsible for nearly 41 percent of all Iran-EU exchanges worth €2.649 billion reported over the seven months to July, it said, adding that trade with Germany and the Netherlands grew against a decline recorded in exchanges with France and Italy.

Iran’s trade with France has declined by 37 percent in seven months comparing to the same period last year as the figure shows Iran’s trade with France has declined the most among with European states.

April was the worst month on record for Iran-EU trade as pandemic restrictions in both Iran and across the EU caused a decline in exchanges, showed the figures by the TCCIMA.

Iran’s imports from the EU reached its lowest point in July with a 29-percent decline year on year, said the report, adding that trade boomed significantly in January before the pandemic and fresh round of American sanctions imposed on Iran caused a visible decline in the value and volume of the shipments.

Trade between Iran and the EU has been flowing despite a raft of sanctions imposed by the US which seek to cut Iran’s economic relations with the rest of the world, especially with U.S. allies in Europe.