Baku, Azerbaijan, May 3
By Umid Niayesh - Trend:
Following the removal of international sanctions against the Islamic Republic in 2016, the European countries are retaking their share from Iran’s market.
The 28-member bloc was Tehran’s first trade partner in the pre-sanctions period and once again wants to become Iran’s biggest trading partner.
The EU's trade with Iran was subject to restrictions derived from United Nations Security Council (UNSC) sanctions between 2006 and 2010.
A recent report released by the Trade Promotion Organization of Iran (TPOI) said that nine European countries, including Germany, Switzerland, France, the Netherlands, Italy, UK, Sweden, Belgium and Spain have taken spots among the top 20 exporters of goods to Iran in the last fiscal year (ended March 20, 2018).
Germany was the top exporter to Iran among the EU countries during the period with $3.083 billion worth of goods. The European country stood fifth after China, UAE, South Korea and Turkey.
Germany’s exports to Iran registered a rise by 22 percent year-on-year. Germany shared 5.7 percent of Iran’s overall imports in terms of value in the 12-month period.
The volume of the country’s exports to Iran amounted to 1.058 million tons, 9 percent more year-on-year, which indicates that the European country exported more valuable goods to Iran during the last fiscal year.
Iran’s imports from the UK witnessed the highest rise among the EU members by 168 percent in terms of value during the last fiscal year. Iran imported 3.05 million tons of goods, worth $1.104 billion from the European country in the period.
Switzerland exported $2.158 billion worth of goods to Iran (an 82 percent increase), followed by France ($1.557 billion, an 85 percent increase), the Netherlands ($1.439 billion, an 82 percent increase), Italy ($1.428 billion, a 16 percent increase), Sweden ($705 million, a 111 percent increase), Belgium ($633 million, a 57 percent increase) and Spain ($443 million, a 27 percent increase).
During the last fiscal year, Iran purchased 61 percent of its imported goods from five countries – China, UAE, South Korea, Turkey and Germany.
China was the main exporter of goods to Iran in the mentioned period. China’s exports accounted for 24 percent of Iran’s total imports in terms of value. During the 12-month period, Iran imported $13.216 billion worth of goods from China, indicating a 23-percent increase year-on-year.
Iran also imported $10.067 billion worth of goods from UAE (a 57 percent increase), which makes 18.5 percent of Iran’s total imports value.
South Korea's exports to Tehran amounted to $3.717 billion, 7 percent more year-on-year.
Turkey exported $3.193 billion worth of goods to Iran in the period, 17 percent more year-on-year.
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