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Iran-EU trade up by 78% in post-sanctions era

Business Materials 20 February 2017 12:39 (UTC +04:00)

Baku, Azerbaijan, Feb. 20

By Fatih Karimov – Trend:

Trade turnover between Iran and the EU has increased by 78 percent to 13.7 billion euros in 2016, Eurostat, the statistical office of the European Union, said in its report.

According to the report, Iran’s export to the EU increased from 1.23 billion euros in 2015 to 5.49 billion euros in 2016, registering an increase by 444 percent.

Meanwhile, Iran’s imports from the 28-member union increased by 27 percent to 8.25 billion euros in 2016.

The European countries exported 6.45 billion worth of goods to Iran in 2015.

International and Western sanctions on Iran, including the banking related sanctions were removed in January 2016.

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