TEHRAN (Iran News) – Iran-EU Trade Drops by 10% in First Two Months. Iran’s trade with European Union (EU) countries has declined by 10 percent in the first two months of 2021 comparing to the same period in 2020 as they traded €704 million worth of goods and commodities during January and February.
Latest data extracted from Eurostat’s datasets show that Iran and 27 members of the European Union traded €704 million worth of goods and commodities in the first two months of the current year.
As per report, Iran’s exports to EU countries have declined by 26 percent in January and February compared with the previous year’s corresponding period and it fell from 166m euros in previous year to 122 million euros. By the way, European states in the same period have exported goods to Iran worth 582m euros which indicates 6 percent slump comparing with the previous year’s corresponding period while the figure stood at 619m euros in the same period last year.
The report claims Germany has been Iran’s major European trade partner in months of January and February of this year and it has accounted for forty percent of Iran’s total trade with EU.
Germany has exported goods and commodities worth 240m euros and imported goods worth 41m euros from Iran in this two-month period.
The U.S. unilateral sanctions on Iran have affected significantly trade between Iran and Europe and it is expected by the return of the U.S. to the nuclear deal and removing sanctions, the trade between Iran and EU would get boosted.
Major European companies are reluctant to cooperate with Iran because of the U.S. sanctions and possible fines and punishment by the U.S.
The outbreak of the coronavirus has also worsened the condition for trade between Iran and EU because for months the borders were closed and the economies were challenging to survive because of the pandemic and the lockdowns.