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Iran-EU trade posts 9.2% drop to US$847mn in first two months of 2023

Germany was Iran's top trading partner in the first 11 months of 2022.
  • Eurostat data shows Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged $279 million worth of goods
  • The Islamic Republic exports to the EU jumped to $1.08 billion in 2022 as against $904 million in the same period of last year

Tehran, Iran–Iran and the European Union traded $847 million worth of goods during the first two months of 2023, registering a 9.2% fall compared with the same period of the year before.

Data released by Eurostat show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged $279 million worth of goods, 22.87% less year-on-year.

Italy came next with $122 million worth of trade with Iran to register a 12.93% rise. The Netherlands with $112 million (up 60.37%) and Belgium with €54.28 million (up 15.76%) were Iran’s other major European trade partners.

Malta registered the highest growth of 1,376.45% in trade with Iran during the period under review and was followed by the Netherlands with 60.37%.

Last year, the value of Iran’s export to the European Union (EU)’s member states rose 20 percent in the first 11 months, as compared to the same period in 2021.

Iran exported commodities worth $1.08 billion to the union in 2022, while the figure was $904 million in the same time span of the previous year, IRNA reported.

According to the Eurostat, the total value of trade between Iran and the European Union reached €4.715 billion in January-November 2022, while the figure was €3.86 billion in the same period of 2021.

Among European countries, Germany was Iran’s top trading partner in the first 11 months of 2022, accounting for about 39 percent of Iran’s trade with the European Union.

As previously reported by Eurostat, the value of trade between Iran and the European Union reached €4.863 billion in 2021, registering a nine-percent growth compared to the previous year.

The trade between Iran and the European Union in 2020 stood at €4.458 billion.

Iran exported €922 million worth of commodities to the union during January-December 2021 to register a 29-percent rise year on year.

Based on the mentioned data, the exports from Europe to the Islamic Republic in the said year also increased by five percent, standing at €3.941 billion.