Economy, Domestic Economy

Germany Eyes €10b in Trade With Iran

Germany Eyes €10b in Trade With IranGermany Eyes €10b in Trade With Iran

Managing Director of Iran-Germany Chamber of Industry and Commerce Rene Harum says trade between the two countries is expected to reach €5 billion in 2017 and €10 billion in the upcoming years.

Speaking at the first meeting of the joint chamber in Tehran on Wednesday, Harum said the value of bilateral trade stood at €2.5 billion in 2015, IRNA reported.  He said Germany is willing to become Iran’s number one trading partner, replacing China whose trade with Iran topped $22 billion in the last Iranian year (March 2015-16).

Following the lifting of sanctions in January, as part of last year’s nuclear deal between Tehran and world powers, German companies have struck a series of deals with Iran in a wide range of sectors, including oil and gas, infrastructure, renewable energies and water management.

According to the Islamic Republic of Iran Customs Administration, trade between Iran and Germany stood at $2.13 billion in the the last Iranian year, down 25% over the previous year.

IRICA's latest stats show bilateral trade is already witnessing a rebound. Iran exported 10,400 tons of non-oil goods, worth $87 million to Germany during the first four months of the current Iranian year (started March 20), registering a %1.4 increase compared with last year's  corresponding period. Pistachios, carpet, caviar, saffron and dates were among the main exports.

More than 419,000 tons of goods valued at $671.3 million were imported from the European country during the same period, indicating an 18% rise year-on-year. Imports mainly included industrial machinery, grain, pharmaceuticals and steel products.

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