Total trade in goods and services (exports plus imports) between the UK and Iran was £696 million in the four quarters ending Q4 2022, an increase of 71.9% or £291 million in current prices from the four quarters ending Q4 2021, according to the UK Department of Business and Trade (DBT).
In the four quarters ending Q4 2022, total UK exports to Iran amounted to £531 million (an increase of 100.4% or £266 million in current prices, compared to the four quarters ending Q4 2021).
Of all UK exports to Iran in the four quarters ending Q4 2022, £61 million (11.5%) were goods and £470 million (88.5%) were services. In the four quarters ending Q4 2022, UK’s exports of goods to Iran decreased by 11.6% or £8 million in current prices, compared to the four quarters ending Q4 2021 while UK’s exports of services to Iran increased by 139.8% or £274 million in current prices, compared to the four quarters ending Q4 2021.
In the four quarters ending Q4 2022, total UK imports from Iran were £165 million (an increase of 17.9% or £25 million in current prices, compared to the four quarters ending Q4 2021).
Of all UK imports from Iran in the four quarters ending Q4 2022, £17 million (10.3%) were goods and £148 million (89.7%) were services. In the same period, UK’s imports of goods from Iran increased by 13.3% or £2 million in current prices, compared to the four quarters ending Q4 2021 while UK’s imports of services from Iran increased by 18.4% or £23 million in current prices, compared to the four quarters ending Q4 2021.
This means the UK reported a total trade surplus of £366 million with Iran, compared to a trade surplus of £125 million in the four quarters ending Q4 2021.
In the four quarters ending Q4 2022, the UK had a trade in goods surplus of £44 million with Iran, compared to a trade in goods surplus of £54 million in the four quarters ending Q4 2021. It reported a trade in services surplus of £322 million with Iran, compared to a trade in services surplus of £71 million in the four quarters ending Q4 2021.
In the four quarters ending Q4 2022, Iran was the UK’s:
• 98th largest trading partner (accounting for less than 0.1% of total UK trade).
• 119th largest goods trading partner (less than 0.1% of UK goods trade).
• 76th largest services trading partner (0.1% of UK services trade).
• 81st largest export market (accounting for 0.1% of total UK exports).
• 109th largest goods export market (less than 0.1% of UK goods exports).
• 63rd largest services export market (0.1% of UK services exports).
• 114th largest import market (accounting for less than 0.1% of total UK imports).
• 128th largest goods import market (less than 0.1% of UK goods imports).
• 95th largest services import market (0.1% of UK services imports).
More timely data for trade in goods show that UK’s exports of goods to Iran did not change the 12 months to March 2023 in current prices, compared to the same period of the previous year.
UK’s imports of goods from Iran increased by 6.3%, in current prices, over the same period.
The top five goods exported from the UK to Iran in the four quarters ending Q4 2022 were:
- Other manufactures (consumer) (£12.8 million)
- Medicinal & pharmaceutical products (£7.7 million)
- Other chemicals (£7.6 million)
- General industrial machinery (intermediate) (£4.9 million)
- Mechanical power generators (capital) (£4.1 million)
Trade in Goods by Commodity
The top five goods imported to the UK from Iran in the four quarters ending Q4 2022 were:
- Unspecified goods (£5.6 million)
- Vegetables & fruit (£3.1 million)
- Textile fabrics (£1.4 million)
- Other crude animal & vegetable materials (£1.0 million)
- Textile fibers (£690,000)
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Trade in Services by Service Type
The top three services exported from the UK to Iran in the four quarters ending Q4 2022 were:
Travel (£442 million or 94.0% of all UK services exported to Iran), intellectual property (£13 million or 2.8%) and government (£9 million or 1.9%).
The top two services imported to the UK from Iran in the four quarters ending Q4 2022 were:
Travel (£132 million or 89.2% of all UK services imported from Iran) and government (£8 million or 5.4%).
The data were published in a factsheet updated on May 18, which presents the latest statistics on trade and investment between the UK and Iran. It summarizes a wide range of publicly available data, from data providers such as the Office for National Statistics and HM Revenue and Customs, as well as international data providers.
The factsheet is part of a wider range produced by the UK Department for Business and Trade that draws together many data sources into one single compendium document for each individual trade and investment partner.
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