Iran’s exports to EU rose 14% in Jan-Sep to €632 mln despite US sanctions

Iran’s exports to the European Union countries rose significantly in the three quarters to September this year, according to a new report, despite sanctions imposed by the US which keep hampering trade between the two.

A report by the Tehran Chamber of Commerce (TCCIMA) published on Saturday showed that the value of Iranian shipments sent to the EU countries in January-September had reached 632 million euros, an increase of 14%  compared to the similar period in 2020.

The surge came as imports from the EU into Iran had declined by 1% over the same period to stand at 2.072 billion euros, showed the report.

Trade has continued between Iran and the EU despite growing financial and banking restrictions faced by traders because of a series of American sanctions that have been in place since early 2018.

Sanctions have made it almost impossible to transfer payments between Iran and many European countries as Washington punishes any bank with interests in the US if it carries out in transactions involving Iranian entities.

The TCCIMA report said that Iranian exports to EU had accounted for 19% of the total overseas shipments from the country in January-March.

It said that the size of trade between neighboring Turkey and the EU over the same period had been 33 times higher than that of Iran at nearly 113 billion euros.

Economic analysts say that Iran-EU trade ties could boom if Tehran and Washington return to a major 2015 nuclear agreement amid international efforts to revive the deal.

News Code 193363

Your Comment

You are replying to: .
2 + 0 =