Iran and the 27 member states of the European Union traded €4.33 billion worth of goods in the first 11 months of 2021, registering a 7.9% growth compared with last year's corresponding period.
Bilateral trade grew by 30.3% in November to hit €499.67 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU region during the 11-month period, as the two countries exchanged €1.56 billion worth of goods, 2.78% less than the year before.
Italy came next with €556.78 million worth of trade with Iran. A year-on-year comparison of trade volume indicates an 8.53% decline.
The Netherlands with €435.94 million (down 1.34%), Spain with €304.17 million (up 25.21%) and Belgium with €263.22 million (up 33.04%) were Iran's other major European trade partners.
Romania registered the highest growth of 394.24% in trade with Iran during the period under review. It was followed by Estonia with 220.09% and Croatia with 82.57%.
Eurostat is a directorate of the European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to EU institutions and promote the harmonization of statistical methods across its member states and candidates for accession.
Organizations in different countries that cooperate with Eurostat are summarized under the concept of European Statistical System.
Iran exported €833 million worth of commodities to EU during the period, indicating a 26.47% growth year-on-year.
Germany was the top trading partner of Iran in the EU region, as the two countries exchanged €1.56 billion worth of goods during the period, 2.78% less than the year before
Germany with €248.84 million, Italy with €163.33 million, Spain with €85.02 million, Romania with €61.73 million and Belgium with €62.68 million were Iran’s main export destinations.
Iran exported €96.66 million worth of goods to EU partners in November, up 80.92% YOY.
The main export destinations included Germany (€22.53 million), Spain (€15.65 million), Italy (€13.99 million), Romania (€9.95 million) and Belgium (€7.4 million).
Iran’s imports from the EU member states grew by 4.26% YOY to €3.5 billion. Germany accounted for the largest share of exports with €1.31 billion, down 3.68% YOY, followed by the Netherlands (€402.25 million), Italy (€393.44 million), Spain (€219.15 million) and Belgium (€200.53 million).
Imports from the EU grew by 22.1% YOY to €403 million in November.
Trade between Iran and EU member states stood at €4.24 billion in 2020 to register a 13.35% decline compared with €4.89 billion in 2019.
Iran exported €618.03 million worth of commodities to EU last year, indicating a 7.18% fall compared with €665.8 million in 2019. Its imports from EU dropped by 14.32% to reach €3.62 billion.
Trade between Iran and the EU gained momentum after Tehran signed the nuclear deal with six world powers in 2015. The deal formally known as the Joint Comprehensive Plan of Action saw years of international sanctions against the Islamic Republic lifted. In exchange, the country agreed to limit the scope of its nuclear program. JCPOA was implemented in 2016.
However, in 2018, Washington unilaterally quit JCPOA that it had signed with five other countries and Iran. The US then reimposed sanctions against Tehran, leading to a decline in Iran’s foreign trade, including with the EU.
Talks are ongoing in Vienna, Austria, to revive JCPOA.
The nuclear talks with Iran are moving in the right direction and a final agreement may be within reach, a senior European Union official said on Friday.
"My assessment is that we are on the right track for a final agreement," the official, who spoke on the condition of anonymity, said, referring to "small" progress on a number of issues, Reuters reported.
"My concern, more than in the substance, is about the timing. There I have a feeling that we are going too slow. It would be an incredible mistake if, because of timing, we would not get a good solution," the official said without elaborating.
"Still, I think that we will have an agreement ... and I think that it will be rather sooner than later."
