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17.12.20241% Decline in Trade Between Iran and the European Union
Although Iran’s exports to the EU-27 continued their upward trend from January to October 2024, a decline in Europe’s exports to Iran has pushed monthly trade volumes to their lowest point since January 2021.
According to Eurostat, the total trade volume between Iran and the EU-27 from January to October 2024 amounted to €3.77 billion. This represents a 1% decline compared to the same period in 2023. During this period, the EU-27’s exports to Iran exceeded €3 billion, marking a 2% decrease compared to the previous year. However, Iran’s exports to the EU-27 saw a 6% increase, rising from €654 million in 2023 to €695 million in 2024.
In October 2024, trade volume stood at €300 million, a 19% decrease compared to €369 million in October 2023, marking the lowest level since January 2021. Of this €300 million, Iran’s exports accounted for €65 million, showing a 9% increase, while the EU-27’s exports to Iran dropped by 24%, reaching €235 million.
Germany remains Iran’s largest trading partner within the EU-27 members, with a trade volume of €1.23 billion. It is followed by Italy (€585 million), the Netherlands (€512 million), Belgium (€281 million), and France (€234 million) as Iran’s top European trading partners.
