Iran’s exports to EU up 45% y/y in May to €102 mln
Figures by the European Union’s statistics agency (Eurostat) show Iran’s exports to EU countries rose significantly in May.
Eurostat figures covered in a Sunday report by the official IRNA news agency showed that Iranian exports to the EU countries had risen by 45% year on year in May to reach €102 million (nearly $103 million).
The figures showed that Iran’s imports from the EU had reached €300 million, down 8% from May last year.
Trade between Iran and the 27-member EU had reached a total value of €2.075 billion in the five months to May, up more than 12% compared to the same period in 2021.
Iranian exports to the EU rose 39% year on year in January-May to top €465 million, while imports from the EU rose 6% over the same period to reach €1.61 billion, showed the Eurostat figure.
Germany was Iran’s largest trade partner in the EU in the five months to May as trade between the two countries rose 6% year on year to stand at €779 million with Iranian exports accounting for €131 million of the shipments.
Iranian trade with the EU has rebounded from historic lows reported in recent years as the country has managed to overcome the economic difficulties caused by a series of American sanctions imposed in 2018.
Iran has sought to capitalize on the opportunities created by the US sanctions by encouraging more activity in the non-oil sector of its economy and by supporting increased trade ties with the rest of the world.
Iranian customs office figures show foreign trade reached a milestone of more than $100 billion in the calendar year to late March.
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