Economy, Domestic Economy

Imports From Germany Surge

Imports From Germany Surge Imports From Germany Surge

Exports from Germany, the European Union’s biggest economy, to Iran increased by 33 percent in the first eight months of this year, as a result of the interim deal on Iran’s nuclear program that was signed last November, reported Reuters.

Exports to Iran rose by 32.7 percent to 1.6 billion euros ($2 billion) in the January-August period of 2014, compared to the same period last year. In 2013, Germany’s exports to Iran slumped 26 percent, while in the two previous years the figure had fallen by more than 18 percent. The report said that the data is something of a bright spot for Germany, whose export-oriented economy is suffering from modest global growth and weakness in much of the European market.

“These relatively small steps have been like a lever starting a bigger movement,” said Jens Nagel of the BGA exporters’ and wholesalers’ association. “The German economy could definitely profit from a relaxation in [anti-Iran] sanctions,” he said, adding there was a rising demand in Iran for German machinery and cars. Both countries can seize the opportunity to expand bilateral cooperation. Several major companies such as Siemens, Bayer, RWE and E.ON Electricity have been touted as companies wanting to broaden their trade relations with Iran.

Germany has been traditionally Iran’s most important trading partner across the European Union.