More than €20.2 billion worth of commodities were traded between Iran and the European Union member states in 2017, registering a 52.83% increase compared with the value of commercial exchanges in the previous year, according to Eurostat data shared with Financial Tribune.
Iran's top five European trading partners last year were Italy with more than €5.08 billion worth of bilateral trade, France with €3.69 billion, Germany with €3.22 billion, Spain with €1.95 billion and the Netherlands with €1.82 billion.
Trade with Croatia skyrocketed by more than 1,180% year-on-year to reach nearly €57.72 million—the highest increase in bilateral exchanges between Iran and EU members.
Following Croatia, Iran's trade with Ireland, Italy, Sweden, France and Cyprus saw the highest year-on-year increase of 140.56%, 96.63%, 86.15%, 79.64% and 76.13% to stand at €134.47 million, €5.08 billion, €456.77 million, €3.69 billion and €11.66 million respectively.
Meanwhile, Iran's trade with Estonia, Lithuania, Hungary, Malta and Slovakia saw the biggest year-on-year decline of 59.53%, 43.98%, 33.75%, 28.62% and 15.98% to stand at €5.22 million, €11.1 million, €49.32 million, €789,660 and €24.97 million respectively.
Iran exported more than €10.12 billion worth of commodities to the EU’s 28 member states in 2017, indicating an 84.54% upsurge YOY.
Italy with nearly €3.37 billion worth of purchases was Iran’s main export destination, followed by France (€2.28 billion) and Spain (€1.52 billion).
Exports to Croatia (€52.94 million) experienced the highest YOY rise of over 9982%.
Iran’s exports to Hungary saw the biggest YOY decline of 94.6% to reach €2.43 million.
> Imports From Europe
Imports from the European bloc stood at over €10.38 billion last year, indicating a 30.9% rise YOY. Germany (€2.84 billion), Italy (€1.71 billion) and France (€1.41 billion) topped the list of EU countries from where Iran imported goods over the period.
Iran’s imports from Portugal were close to €60.8 million to register the highest YOY increase of 237.84% while imports from Estonia registered the sharpest drop of 59.92% to stand at €5.16 million.
Iran registered a trade deficit of €265 million with EU states in 2017, indicating significant improvement compared to €2.45 billion in 2016, mainly due to the 111% hike in the exports of mineral fuels, oils, products of their distillation, bituminous substances and mineral waxes, which stood at more than €8.99.
Iran’s main exported commodities, besides oil products, were fruit, nuts and zest of citrus fruits or melons worth €231.52 million; iron and steel worth €203 million; plastics and articles thereof worth €201.42 million; coffee, tea, milk powder and spices worth €65.06 million; organic chemicals worth €51.95 million; products of animal origin worth €41.1 million; nuclear reactors, boilers, machinery, mechanical appliances and parts worth €38.74 million; carpets and other textile floor coverings worth €36.42 million; and lac, gums, resins and other vegetable saps and extracts worth €31.92 million.
The EU’s main exported commodities to Iran included nuclear reactors, boilers, machinery, mechanical appliances and parts thereof worth €3.02 billion; vehicles other than rail or tramway rolling stock and parts and accessories worth €943.36 million; electrical machinery, equipments and parts, sound recorders and reproducers, television image and sound recorders, reproducers and accessories worth €839.97 million; optical, photographical, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus, parts and accessories worth €837.96 million; pharmaceutical products worth €768.16 million; aircraft, spacecraft and parts worth €338.15 million; mineral fuels, mineral oils and products of their distillation, bituminous substances and mineral waxes worth €285.61 million; miscellaneous chemical products worth €285.08 million; plastics and related products worth €259.6 million; and iron and steel products worth €243.11 million.
