Iran-EU Trade Tops €18b, Italy Tops List of Partners

01.02.18

Iran’s trade with the European Union member states during the 11 months to Nov. 30, 2017, stood at close to €18.56 billion, registering a 57% increase compared with the corresponding period of last year.

Iran's top five trading partners over the period were Italy with more than €4.54 billion, France with €3.45 billion, Germany with €2.99 billion, Spain with €1.67 billion and the Netherlands with €1.34 billion worth of exchanges, the report reads.

Trade with Italy saw a 117% upsurge year-on-year–the highest increase in bilateral exchanges between Iran and EU members over the period, latest Eurostat figures shared with Financial Tribune show.

Iran’s trading with Ireland (€139.6 million) and Luxembourg (€5.53 million) was the second and third highest, indicating a 114% and 102% hike respectively YOY.

Iran's trade with Estonia (€5.2 million), Lithuania (€10.28 million) and Slovakia (€24.1 million) experienced the biggest YOY contractions of -58%, -46% and -11% respectively.

Iran exported more than €9.22 billion worth of commodities to the EU over the period, showing a 100% upsurge YOY. Italy with nearly €3.02 billion worth of purchases was Iran’s main export destination, followed by France (€2.16 billion) and Spain (€1.31 billion).

Exports to Ireland, amounting to €1.91 million, experienced the highest rise of 479% YOY. Iran’s exports to Portugal plummeted the most (-90% YOY) to reach €3.32 million.

Imports from the EU’s 28 member states stood at over €9.33 billion, indicating a 30% rise compared with the similar period of last year. Germany (€2.64 billion), Italy (€1.52 billion) and France (€1.3 billion) topped the list of EU countries from where Iran imported goods over the period.  

Iran imports from Portugal amounted to €57.76 million to register the highest increase of 326% YOY while imports from Denmark registered the sharpest drop to stand at €5.15 million.

Iran’s main exported commodities to the EU states were fuels, mineral oils and products of their distillation, bituminous substances and waxes (€7.32 billion), fruit, nuts and zest of fruits (€185.35 million), plastics and articles (€166.11 million), iron and steel (€165.1 million), coffee, tea, milk powder and spices (€49.36 million), organic chemicals (€46.14 million), products of animal origin (€34.57 million), boilers, machinery, mechanical appliances and parts (€34.15 million), carpets and other textile floor coverings (€29.44 million) and lac, gums, resins and other vegetable saps and extracts (€26.25 million).

The EU’s main exported goods to Iran included nuclear reactors, boilers, machinery, mechanical appliances and parts thereof (€2.37 billion), vehicles other than rail or tramway rolling stock and parts (€711.41 million), electrical machinery, equipments and parts, sound recorders and reproducers, television image and sound recorders and reproducers and accessories (€694.5 million), optical, photographical, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus, parts and accessories (€656.83 million), pharmaceutical products (€609.28 million), aircraft, spacecraft and parts (€376.8 million), miscellaneous chemical products (€236.72 million), plastics and related products (€218.13 million), iron and steel products (€182.66 million) and essential oils and resinoids, perfumery and cosmetic or toilet preparations (€164.2 million).