TEHRAN (Iran News) – According to the latest report released by the Tehran Chamber of Commerce, Industry, Mine, and Agriculture (TCCIMA), Iran’s trade with EU countries has declined to its lowest level possible due to the sanctions and the outbreak of COVID-19 in 2019 and 2020.
The TCCIMA report has reviewed the trend of Iran’s commerce with Europe in 10 years. The reports claim Iran’s trade of goods with Europe has faced ups and downs in the past ten years. As per the report, in the early years of this decade, Iran’s trade with Europe has been around 27b euros that Iran’s exports have been around 17b euros while Europe’s have been around 10b euros.
In 2013, Iran’s exports to and imports from Europe have declined as the exports have faced more slumps comparing to its imports. The downtrend has continued till 2014 as the trade balance with Europe has declined from plus $6.6b in 2011 to minus $5.2b in 2014 which shows the most negative trade balance in the trade of Iran with EU.
In 2019 and 2020, Iran lost most of its export markets in Europe but its exports to Germany remained almost unchanged compared to other European countries as Germany was Iran’s major European export destination with the Netherlands and Italy trailing it.
Trade between Iran and EU member states in 2019 stood at €5.22 billion to register a 71.54% decline compared with €18.35 billion in 2018, latest data provided by the European Statistical Office show.
Germany, Italy, and the Netherlands were Iran’s top three trading partners in the European bloc with bilateral exchanges standing at €1.7 billion, €976.56 million, and €513.87 million respectively.
- source : Iran-EU Trade