Iran-EU trade hit €3.7b (Jan, Feb 2018)

Financial Tribune- Iran traded €3.74 billion worth of commodities with the 28 members of the European Union during the first two months of 2018 to register a 17.4% year-on-year growth, Eurostat data shared with the Financial Tribune show.

Iran’s main trade partners during the two-month period were Italy (€844.92 million), France (€664.84 million) and Germany (€545.83 million).

Trade with Luxembourg (€2.1 million), Greece (€381.87 million) and Spain (€457.65 million) saw the highest increase of 151%, 130% and 87% respectively.

Iran’s exports to the EU stood at more than €2.168 billion, indicating a 32% YOY rise, with Italy (€583 million), France (€496.58 million) and Greece (€377.44 million) being the main destinations.

The exported goods mainly included mineral fuels, mineral oils and products of their distillation, bituminous substances and mineral waxes, petroleum oils and oils obtained from bituminous minerals, edible fruit and nuts, zest of citrus fruit or melons, iron and steel, plastics and articles thereof, polymers of ethylene in primary forms, semi-finished products of iron or non-alloy steel and fertilizers.

Imports from the European bloc to Iran amounted to €1.574 billion, registering a 2% YOY increase. The top three European exporters to Iran were Germany (€479.37 million), Italy (€261.86 million) and the Netherlands (€150.2 million).

Imports mainly included nuclear reactors, boilers, machinery and mechanical appliances and parts, electrical machinery and equipment, sound recorders and reproducers, television image and sound recorders and reproducers, vehicles other than rail or tramway rolling stock and part and accessories thereof, pharmaceutical products, optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus, parts and accessories for tractors and motor vehicles, articles of iron or steel, air or vacuum pumps, air or other gas compressors and fans and miscellaneous chemical products.

Eurostat is the directorate general of European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to institutions of the European Union and promote the harmonization of statistical methods across its member states and candidates for accession.