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German Exports to Iran Soar
Economy, Domestic Economy

German Exports to Iran Soar

German exports to Iran jumped 30 percent last year to 2.4 billion euros, data from the Federal Statistics Office showed on Tuesday, bolstered by the easing of Western sanctions amid progress in talks on the country's nuclear programme, Reuters reported.
Germany is traditionally Iran's biggest trading partner in Europe and last year's increase, the sharpest in a decade, was driven by sales of machinery, agricultural and pharmaceutical products, the Office said. It did not say which companies had benefited.
German firms that had been forced to reduce their activities in Iran when the sanctions were tighter include Siemens . Others with business interests there include Bayer and utilities RWE and E.ON.
"At the start of 2014, some of the sanctions were eased so insurance for ship transport and the delivery of car and aircraft parts were allowed," said Volker Treier, of Germany's DIHK chambers of trade and commerce.
If Iran agreed a nuclear deal with western nations, the potential for German companies was great.
"In the next five years a doubling of exports is possible. In 2005, they reached almost 5 billion euros, we want to get back to that in the short term," he said.

 

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