Iran-EU trade plunges 75%

Financial Tribune – Iran exported €476.99 million worth of commodities to the EU, indicating a 94.11% fall, and imported €2.99 billion in return to register a 51.67% year-on-year decline

Trade between Iran and EU member states during the first eight months of 2019 (January-August) stood at €3.47 billion to register a 75.71% plunge compared with last year’s corresponding period, latest data provided by the European Statistical Office show.

Germany, Italy and the Netherlands were Iran’s top three trading partners in the European bloc with bilateral exchanges standing at €1.09 billion, €658.04 million and €333.45 million respectively.

Iran’s trade with Cyprus (€4.41 million) and Bulgaria (€57.35 million) increased by 51.25% and 26.31% respectively year-on-year—the highest among EU states.

Trade with Greece (€30.37 million), Spain (€190.61 million), Luxembourg (€365,881), France (€269.17) and Sweden (€50.33 million) saw the sharpest declines of 97.28%, 91.37%, 88.54%, 87.7% and 81.77% respectively.

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