Iran’s imports from EU fall

Business Materials 21 August 2018 15:26 (UTC +04:00)

Baku, Azerbaijan, August 21

By Umid Niayesh - Trend:

Iran’s imports from the EU have registered decline in the first four months of the current fiscal year, started March 20, according to the data released by the Trade Promotion Organization of Iran (TPOI).

The 28-member bloc exported 2.316 million tons of goods to Iran, worth $2.861 billion from March 20 to July 20.

The exports witnessed fall by 16 percent both in terms of volume and value, year-on-year.

However, 10 European countries took place among top goods exporters to Iran in the same span of time, according to the TPOI.

The report said that Germany, Switzerland, the Netherlands, France, UK, Italy, Belgium, Spain, Austria and Sweden have taken spots among the top 20 exporters of goods to Iran‎ in the 4-month period.

Germany was the top exporter to Iran among the EU countries during the period with $753 million worth of goods. The European country stood fifth after China, UAE, South Korea and India.

Germany’s exports to Iran registered a fall by 13 percent year-on-year. The European country shared 5 percent of Iran’s overall imports in terms of value in the 4-month period.

The volume of the country’s exports to Iran amounted to 274,000 tons, 33 percent more year-on-year.

Iran’s imports from the Austria witnessed the highest rise among the EU members by 38 percent in terms of value during the period. Iran imported 200,000 tons of goods, worth $137 million from the European country in the first four months of the current fiscal year.

Switzerland, the seventh top goods exporter to the Islamic Republic, sent $698 million worth of goods to Iran (a 5 percent increase), followed by the Netherlands ($402 million, a 3 percent fall), France (11th top exporter with $383 million of commodities, 16 percent fall), the UK ($350 million, 19 percent fall), Italy ($346 million, an 18 percent fall), Belgium ($175 million, an 8 percent fall), Spain ($161 million, a 32 percent increase), Austria and Sweden ($137 million, a 17 percent fall).‎

The EU was Tehran’s first trade partner in the pre-sanctions period, before its trade with Iran became subject to restrictions derived from United Nations Security Council (UNSC) sanctions between 2006 and 2010.

During the first four months of the current fiscal year, Iran purchased 57 percent of its imported goods from five countries – China, UAE, South Korea, India and Germany.

China was the main exporter of goods to Iran in the mentioned period. China’s exports accounted for 25.6 percent of Iran’s total imports in terms of value. During the 4-month period, Iran imported $3.89 billion worth of goods from China, indicating a 11-percent increase year-on-year.

Iran also imported $2.169 billion worth of goods from UAE (a 27 percent decrease), which makes 14.3 percent of Iran’s total imports value.

South Korea's exports to Tehran amounted to $987 million, 8 percent less year-on-year.

Turkey was sixth top exporter to Iran in the period with $745 million worth of goods, 22 percent less year-on-year.

Russia, Singapore, Oman, Brazil and Japan were also among the top 20 exporters of goods to Iran in the period.

Oman’s exports to Iran witnessed the highest growth among the 20 countries and hiked by 310 percent to $237 million.

Russia, which was eighth top exporter to the Islamic Republic in the same span of time also increased its sales to the country by 168 percent to $453 million.

Iran’s overall imports accounted to $15.179 billion in the 4-month period, 4 percent less year-on-year.


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