Iranian-European trade collapses

In the first half of 2019, trade between the EU and Iran fell by 76 percent to 2.5 billion euros.

According to Eurostat, the trade volume between the European Union and Iran amounted to 2,561 million euros in the first half of 2019, a decrease of 76 percent compared to the previous year. EU exports fell by 53 percent to 2,143 million euros. Iran's exports to the EU even fell by 93 percent to 418 million euros.

The decline in Iranian exports is mainly due to the drastic slump in the category "Mineral fuels, lubricants and related products". Europe has almost stopped importing Iranian oil. In this category, Iran exported 5.4 billion euros worth of goods in the first half of 2018, while only 2 million euros worth of goods were exported this year.

However, positive developments can be seen in the heading "Goods and transactions" (SITC-9). During the same period, European exports under the heading "Live animals and food" increased by 14 per cent, while all other exports declined.