Economy, Domestic Economy
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Transactions With Hungary at €49m in 2017

Transactions With Hungary at €49m in 2017Transactions With Hungary at €49m in 2017

Trade between Iran and Hungary stood at more than €49.32 million in 2017, showing a 33.75% decline compared with 2016. Iran’s commercial exchanges with Hungary registered the biggest year-on-year fall after Estonia and Lithuania from among the 28 member states of the European Union over last year. Iran exported more than €2.43 million worth of commodities to the European country last year, down by 94.6% compared with the previous year, based on the latest Eurostat figures shared with Financial Tribune. Iran’s imports from Hungary amounted to more than €46.89 million, showing a 58.65% decrease YOY. In a meeting with Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamreza Shafei in Tehran in December 2017, Hungary’s Minister of National Economy Mihaly Varga said bilateral trade has experienced a twofold increase since the nuclear deal, officially known as the Joint Comprehensive Plan of Action, was signed between Iran and the world powers in 2015.  The Hungarian Export-Import Bank has allocated an €85 million credit line to the Export Development Bank of Iran to foster bilateral economic relations last year.

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