Iran-EU trade increases by 6.4 percent

Business Materials 5 September 2011 12:09 (UTC +04:00)

Iran's exports to the European Union's 27 member states in the first five months of 2011 was up 6.4 percent, compared to the same period of last year, reported Press TV with reference to Eurostat or the statistical office of the European Union states in its latest report.

The report puts the figure above 5 billion Euros. But instead, EU's exports to Iran were down around 7 percent, at 4.1 billion Euros.

The EU is the first trade partner of Iran, accounting for almost a third of its exports. Close to 90% of EU imports from Iran are energy products. Iran is also the 6th supplier of energy products to the European Union.

Eurostat states that Iran exported some 40 million barrels of crude oil to the EU in the same period, to the tune of $4 billion dollars. This is well over 4 percent of the Union's total crude imports.