Iran and the European Union’s 27 member states traded €835.2 million worth of goods in the first two months of 2022, registering an 18.37% growth compared with last year's corresponding period.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged €314.2 million worth of goods, 11.83% higher than the year before.
Italy came next with €96.95 million worth of trade with Iran. A year-on-year comparison of trade volume indicates a 1.72% decline.
The Netherlands with €62.72 million (down 38.5%) and Spain with €66.83 million (up 21.42%) were Iran's other major European trade partners.
Romania registered the highest growth of 160.17% in trade with Iran during the period under review and was followed by Croatia with 112.08%.
Bilateral trade grew by 5.47% in February to hit €453.42 million.
Germany with €182.66 million, Italy with €57.91 million, the Netherlands with €27.54 million, Spain with €40.87 million and Romania with €36.62 million were Iran’s top trading partners in February.
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 €168.49 million worth of commodities to EU during the two months, indicating a 37.89% growth year-on-year.
Germany with €57.03 million, Italy with €28.5 million, the Netherlands with €9.3 million, Spain with €18.86 million and Romania with €10.7 million were Iran’s main export destinations.
Iran exported €88.64 million worth of goods to EU partners in February, up 17.49% YOY.
The main export destinations included Germany (€33.61 million), Italy (€14.44 million), Spain (€8.6 million), Belgium (€6.4 million) and Romania (€5.4 million).
Iran’s imports from the EU member states during the period grew by 37.89% YOY to €168.49 million. Germany accounted for the largest share of exports with €257.17 million, up 7.26% YOY, followed by Italy (€68.45 million), the Netherlands (€53.43 million) and Spain (€47.97 million).
Imports from the EU grew by 2.92% YOY to €365.78 million in February.
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.
The country exported €922.04 million worth of commodities to EU during the period, indicating a 29.32% growth year-on-year. It’s imports from the EU member states grew by 5.24% YOY to €3.94 billion.
Trade between Iran and EU member states 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 last year, 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.
Trade between Iran and EU 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.
EU Envoy to Visit Iran in Bid to Save Deal
The European Union’s Iran nuclear talks coordinator, Enrique Mora, is to visit Tehran on Tuesday, the semi-official agency Nour News reported on Saturday, as the bloc said it was seeking to break a deadlock and save the 2015 accord.
Talks to revive Iran’s 2015 nuclear deal with world powers have been on hold since March, chiefly over Tehran’s insistence that Washington remove the Islamic Revolutionary Guard Corps, its elite security force, from the US Foreign Terrorist Organization list, Reuters reported.
“This trip could be seen as a new step in constructive consultations on the few but important issues that have remained in the Vienna talks,” Nour News said on Twitter.
Separately, EU foreign policy chief, Josep Borrell, told the Financial Times he was seeking a “middle way” to end the impasse, which threatens to scupper more than a year of European diplomatic efforts.
Borrell is considering a scenario whereby the designation is lifted on IRGC, but kept in place on other parts of the organization, which has several arms and a sprawling business empire, FT reported.
The foreign policy chief also said he wanted Mora to visit Tehran to discuss the issue, but added that Iran “was very much reluctant” and described the diplomatic push as “the last bullet”.
The report also cited Borrell as saying negotiators would not give Iran an ultimatum.
Reuters reported last week that Iran’s clerical rulers, emboldened by an oil price surge since Russia invaded Ukraine, are in no rush to revive the 2015 pact to ease sanctions on its energy-reliant economy.
