Nov 25, 2022 06:03 UTC
  • Iran, EU trade up over 30% in January-September: Eurostat

Figures by European Union’s statistics agency Eurostat show that trade between the bloc and Iran rose significantly in the nine months to September despite continued restrictions imposed by the United States on Iran’s trade ties with the rest of the world.

Eurostat figures published in a Thursday report by the IRIB News showed that Iran-EU trade in January-September had reached a total of $3.947 billion, up more than 30% from the same period last year.

Imports by 27 EU countries from Iran rose by 28% over the nine months to September against the same period in 2021 to reach $799 million, showed the figures.

They showed that EU exports to Iran also rose 31% over the same period to top $3.148 billion.

EU’s imports from Iran in September reached a total of $72 million, up from $68 million reported in September 2021.

Exports by EU countries to Iran rose from $308 million reported in September last year to $472 million in the same month this year.

The rising trade between Iran and the EU has come despite continued restrictions on banking ties between Iranian and European businesses because of American sanctions on Iran.

Experts say US sanctions have caused a boom in Iranian trade ties with the rest of the world as the country has sought to rely less on oil revenues, which are the main subject of US bans, and to focus more on agriculture and manufacturing activities in the country.

Petrochemicals as well as metals and mining products have accounted for a bulk of Iran’s exports to other countries in recent years.