Iran and the European Union’s 27 member states traded €3.98 billion worth of goods during the first three quarters of 2022, registering an 18.35% rise compared with last year's corresponding period.
New data released by Eurostat show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged over €1.47 billion worth of goods, 18.07% more than in the similar period of the year before.
Italy came next with €488.68 million worth of trade with Iran to register an 9.61% year-on-year rise.
The Netherlands with €353.88 million (down 0.11%) and Spain with €269.61 million (up 13.16%) were Iran's other major European trade partners.
Croatia registered the highest growth of 65.85% in trade with Iran during the period under review and was followed by Bulgaria with 56.37%.
Bilateral trade grew by 44.62% in September to hit €544.02 million.
Germany with €263.67 million, Italy with €56.89 million, the Netherlands with €45.19 million, Romania with €37.86 million and Belgium with €30.67 million were Iran’s top trading partners in September.
A directorate of the European Commission located in Luxembourg, Eurostat’s main responsibilities are to provide statistical information to EU institutions and promote the harmonization of statistical methods across its member states and candidates for accession.
Organizations in different countries that cooperate with Eurostat are summarized under the concept of European Statistical System.
Iran exported €804.12 million worth of goods to the EU in the nine months of 2022, indicating a 27.03% year-on-year rise.
Germany with €214.62 million, Italy with €121.48 million, Spain with €106.47 million, Romania with €72.06 million and Bulgaria with €66.85 million were Iran’s main export destinations.
Iran exported €71.76 million worth of goods to EU partners in September, up 4.99% YOY.
The main export destinations included Germany (€22.14 million), Italy (€9.12 million), Spain (€8.53 million), Belgium (€8.28 million) and Bulgaria (€4.55 million).
Iran’s imports from the EU member states during the nine months grew by 16.34% YOY to €3.18 billion. Germany accounted for the largest share of exports with €1.26 billion, up 20.65% YOY, followed by Italy (€367.2 million), the Netherlands (€309.49 million) and France (€249.25 million).
Imports from the EU grew by 53.42% YOY to €472.25 million in September.
Post-JCPOA Trade in Review
Iran and the European states traded €4.86 billion worth of goods in 2021, registering a 9.09% growth compared with the year before. It exported €922.04 million worth of commodities to EU last year, indicating a 29.32% rise. Its imports from the EU member states grew by 5.24% YOY to €3.94 billion.
Bilateral trade stood at €4.24 billion in 2020 to register a 13.35% decline compared with €4.89 billion in 2019. Iran exported €618.03 million worth of commodities to EU, indicating a 7.18% fall compared with €665.8 million in 2019. Its imports from EU dropped by 14.32% to reach €3.62 billion.
Two-way trade gained momentum after Tehran signed the nuclear deal with six world powers in 2015. The deal, formally known as the Joint Comprehensive Plan of Action, saw years of international sanctions against the Islamic Republic lifted. In exchange, the country agreed to limit the scope of its nuclear program. JCPOA was implemented in 2016.
However, in 2018, Washington unilaterally quit JCPOA that it had signed with five other countries and Iran. The US then reimposed sanctions against Tehran, leading to a decline in Iran’s foreign trade, including with the EU.
As the government of US President Joe Biden worked to revive JCPOA, the deal appeared near revival in March.
But indirect talks between Tehran and Washington then broke down over several issues.
Iran voiced hope on Wednesday that European Union negotiators are trying to break the deadlock in talks to revive its frayed nuclear deal with major powers, AFP reported.
Iran's Foreign Minister Hossein Amir-Abdollahian pointed to tensions with four parties – the United States, Britain, France and Germany – to the accord also agreed with China and Russia.
He attacked recent "contradictory statements of American officials" which he said "are intended to aggravate the troubles in Iran and to gain points at the negotiating table".
"We have differences with America and three European countries that cooperate in this area with it," he told reporters.
London, Paris and Berlin criticized Iran in a resolution of the UN International Atomic Energy Agency last week.
But, Iran's top diplomat said, EU foreign policy chief Josep Borrell and the EU coordinator on the talks, Enrique Mora, "are trying to find a solution".
Amir-Abdollahian noted that two key problems need to be resolved: questions posed by IAEA and economic safeguards that Iran demands.
The UN nuclear watchdog has demanded "technically credible" answers from Iran concerning traces of enriched uranium found on three Iranian sites.
On the economic front, Iran fears that a future US administration will call into question any agreement concluded with President Joe Biden.
"Americans say they don't know what will happen after the Biden administration," said the Iranian foreign minister, adding that a "change of government is not meant to undermine international agreements".
"The duration of foreign companies' contracts with Iran should be such that foreign investors can trust Iran to transfer their capital," he added.
