Iran-Italy trade hits €6b in 2008: official

Iran Materials 22 June 2009 10:59 (UTC +04:00)

TEHRAN (MEHR - Trend )

Trade between Iran and Italy amounted to €6 billion in 2008, showing a 1.27% increase in comparison to the 2007 figure, Iran-Italy Joint Chamber of Commerce, Industries, and Mines secretary general said here on Sunday.

ISNA quoted Jamshid Haqgoo as saying that, "Iran's non-oil exports to Italy faced a 38% fall in 2008 in comparison to its preceding year, while Italy's exports to Iran increased by 124% year on year."

Noting that crude oil accounts for more than 85% of Iran's export items to Italy, he added, "Machinery is the main imported item from Italy."

Iran and Italy have experienced growing economic cooperation in recent years, and Italy has been Iran's first EU trade partner in some years.

Iran-Italy trade stood at $2.7 billion in 2001 and 3.852 billion euros in 2003. In 2005, Italy was the third largest trading partner of Iran with 7.5% of all exports to Iran. Italy was the top trading partner of Iran in the European Union in early 2006.

"The main trade transactions between the two countries pertain to raw materials, but the good omen is that the two countries also cooperate in terms of industrial and technological sectors and are contemplating boosting mutual bonds. Amid this, Iran-Italy chamber of commerce, which represents the businessmen and the private sectors, plays an active role in bilateral economic and trade exchanges," the Iran-Italy Joint Chamber Of Commerce, Industries, and Mines official website reads.