The volume of trade between Iran and EU-27 exceeded one billion euros

According to Eurostat, the volume of trade between Iran and Europe reached 1.28 billion euros in the first quarter of this year, while Italy is now the top importer of Iranian goods among the EU countries, ahead of Germany. The 60% increase in Iran’s exports to Italy (from 37 million in 2023 to 59 million in 2024), which is due to the increase in export of iron and steel ingots to Italy, has made Italy the first destination for Iran’s exports to Europe.

Iran’s exports to Europe from January to March were 217 million euros, which has decreased by 3% compared to the previous year. Italy with 59 million euros, Germany with 58 million euros and Spain with 22 million euros are the top importers of Iranian goods. EU exports to Iran reached 1.06 billion euros in Q1 2024, which has increased by 11% compared to last year. Germany with 344 million euros, Netherlands with 138 million euros and Italy with 131 million euros have been the top European exporters to Iran.

In March 2024, the volume of trade between Iran and the European Union was 430 million euros, which is a 7% increase compared to the same month of the previous year, where the volume of trade was 400 million euros. Of this amount, the share of European exports to Iran is 358 million euros, which has increased by 13% compared to last year (317 million euros). On the other hand, Iran’s exports to Europe reached 72 million, which is a 13% decrease compared to March 2023, when the export volume was 83 million euros.

Germany with 402 million euros is still Iran’s top trading partner among European countries by far, followed by Italy with 190 million euros, Netherlands with 153 million euros, and Romania with 125 million euros.