Decline in Iran-EU Trade in 2024: European Exports Drop, Iranian Exports Grow

According to the Eurostat data, trade between Iran and the EU stood at €4.54 billion in 2024, reflecting a 4% year-on-year contraction. European exports to Iran accounted for €3.71 billion, representing a 6% decline compared to 2023. In contrast, Iran’s exports to the EU experienced a 4% increase, reaching €833 million.

In December 2024, the monthly trade volume between Iran and the EU fell 17% year-on-year, dropping from €469 million to €391 million. European exports to Iran in this period totaled €331 million, recording an 18% decline, while Iranian exports stood at €60 million, down 4%.

Based on the Standard International Trade Classification (SITC), Iran’s top export category to the EU in 2024 was food and live animals, amounting to €304 million, a 20% growth compared to the previous year. Meanwhile, the largest European export to Iran consisted of Machinery and transport equipment, valued at €1.42 billion, showing a 10% decline.

Germany remained Iran’s largest European trade partner in 2024, accounting for one-third of Iran-EU trade.