Economy, Domestic Economy

Germany’s Q1 Iran Exports Up 7%

Germany’s  Q1 Iran Exports Up 7%Germany’s  Q1 Iran Exports Up 7%

German exports to Iran, especially of machines and equipment, rose significantly in the first quarter following the removal of western sanctions against the Middle Eastern country. Exports to Iran surged 7% year-on-year during January-March to €500 million (about $559 million), according to German Federal Statistics Office. This compares with a 0.7% rise in overall, year-on-year German exports in the same period, Reuters reported. “This is quite reasonable,” said Michael Tockuss, head of the German-Iranian Chamber of Commerce. “Machines and equipment are doing exceptionally well, but also grain and wheat.” For decades before sanctions were imposed, Germany was Iran’s biggest trading partner. The gap in Iranian imports from Germany and other western countries was subsequently filled by Chinese, South Korean and Middle Eastern competitors. Tockuss said German exports to Iran could reach €2.5-3 billion € this year, up from €2 billion in 2015. Germany’s Chambers of Commerce and Industry expects exports to Iran to reach €5 billion in the coming years and reach twice that figure in the long run.