UK shares 1.5% of Iran’s € 9 billion trade with Europe

December 21, The Iran Project – In the first nine months of 2016, Iran-Britain trade turnover was just equivalent to 1.5 percent of Iran’s total trade with 28 European countries in this period.

Data released by Eurostat, the statistical office of the European Union indicates that despite the implementation of the Joint Comprehensive Plan of Action (JCPOA)  and the removal of international sanctions, Iran-UK trade is still at a low level.

Although business relations between Iran and the European Union boomed after the unilateral sanctions imposed on the country were lifted as part of a looming nuclear deal between Tehran and the five permanent members of UN Security Council plus Germany, bilateral trade between Iran and UK was just €144 million in the first 9 months of this year.

Of course, the figure leaped 19% compared with € 121 million for the same period last year, according to the Eurostat report.

According to the report, the United Kingdom exported € 102 million worth of goods to Iran in the first nine months of 2016, a 7% rise compared to a year earlier that the country exported € 95 million to the Islamic Republic.

Britain also imported €42 million worth of goods from Iran from January to September 2106, showing a 61%  rise compared to the same period in 2015.

Iran and the UK officially resumed direct diplomatic ties in February after the two countries severed diplomatic relations in 2011.