EU increases its share from Iran’s imports

Baku, Azerbaijan, Jan. 21‎

By Fatih Karimov – Trend:

The EU exports to Iran during the current fiscal year has reached $7.54 billion, equal to 20 percent of the country’s overall imports ($37.57 billion).

The EU share’s from the value of Iran’s imports during the first nine months of the current fiscal year has increased by some 1.5 percent, year-on-year.

At least 8 members of the EU held their positions among the top 20 exporters of goods to Iran in the current fiscal year, started March 2017.

Germany was the top exporter to Iran among the EU countries during the first nine months of the current fiscal year (March 20-Dec. 21) with $2.095 billion worth of goods.

The European country stood fifth after China, UAE, Turkey and South Korea.

Germany’s exports to Iran registered a rise by 17 percent year-on-year, according to the latest statistics released by the Trade Promotion Organization of Iran.

Germany shared 5.6 percent of Iran’s overall imports in terms of value in the 9-month period.

However the volume of the country’s exports to Iran amounted to 684,000 tons, 17 percent less year-on-year, which indicates that the European country has exported more valuable goods to Iran during the current fiscal year.

Besides Germany, Switzerland ($1.473 billion, a 39 percent increase), France ($1.227 billion, a 66 percent increase), Italy ($1.021 billion, a 30 percent increase), the Netherlands ($910 million, a 38 percent increase), the UK($809 million, 117 percent increase), Sweden($439 million, 107 percent increase) and Belgium($405 million, 51 percent increase) were the European countries that took place among the top exporters of goods to Iran in ‎the mentioned period.‎

The EU's trade with Iran was subject to restrictions derived from United Nations Security Council (UNSC) sanctions between 2006 and 2010. EU exports to Iran plummeted to 7.3 billion euros in 2012, down from highs of 11.3 billion euros in 2006. Under the sanctions, the Islamic Republic shifted its trade eastward, and expanded economic ties with countries such as China and India as well as Turkey and the United Arab Emirates, which took the advantage of the sanctions, and acted as re-‎exporting intermediary to Iran.

During the first nine months of current fiscal year, Iran purchased 62 percent of its imported goods from five countries – China, the UAE, Turkey, South Korea and Germany.

China was the main exporter of goods to Iran in the mentioned period. China’s exports accounted for 25 percent of Iran’s total imports in terms of value. During the 9-month period, Iran imported $9.452 billion worth of goods from China, indicating a 25-percent increase year-on-year.

Iran also imported $6.656 billion worth of goods from the UAE (a 30 percent increase), which makes 17.7 percent of Iran’s total imports value.

Turkey exported $2.576 billion worth of goods to Iran in the 9-month period, 27 percent more year-on-year.

South Korea and India exported $2.563 billion and $1.655 billion worth of goods to Tehran, respectively.

Imports from India registered an increase of 12 percent, meanwhile South Korean exports to Iran increased by 2 percent compared to the preceding year.

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