Iran’s exports to EU up by 8% at $500mln in August, report shows

A study of trade exchanges this year between Iran and members of the European Union shows exports to the bloc surged in July to compensate for the losses suffered during the initial months of the pandemic although the total size and value of shipments remained largely low because of US sanctions on Tehran.

An excerpt of the study conducted by Tehran’s chamber of commerce (TCCIM) published on Thursday showed that total exports from Iran to the EU countries in eight months to August had increased by eight percent to reach nearly $500 million.

The report, covered by ILNA news agency, said that exports thrived especially in July when the monthly value of Iranian shipments topped $92 million.

It said imports into Iran from the EU declined by 15 percent year on year in August to stand at 2.5 billion euros ($2.95 billion).

Germany remained Iran’s top trading partner in the EU as the country took delivery of 184 million euros ($217.48 million) worth of Iranian shipments while exporting nearly $1 billion worth of cargoes to Iran, said the TCCIM.

The Netherlands was second top buyer of Iranian goods in the EU with an eight-fold increase in imports from Iran, it said, adding that Italy, Spain, Belgium, Romani and Bulgaria were Iran’s other major export destinations in the first eight months of 2018.

The growing trend in Iran’s trade ties with the EU come despite sanctions imposed by the US which hamper normal banking transactions involving Iranian businesses.

The eight-percent increase in exports this year also comes despite closures that took place across the borders from February onwards due to the spread of the coronavirus both in Iran and in Europe.


Source: Press TV