1% Decline in Trade Between Iran and the European Union
18.12.2024Germany's Exports to Iran Cross One Billion Euros in 2024 Trade Surge
Germany’s exports to Iran exceeded one billion euros in the first ten months of 2024, with total bilateral trade reaching 1.24 billion euros, a 4% increase compared to the same period in 2023.
According to data from the Federal Statistical Office of Germany, between January and October 2024, Germany exported 1.06 billion euros worth of goods to Iran, marking a 7% rise. In contrast, Iran’s exports to Germany totaled 185 million euros, a 9% decline year-on-year.
However, trade activity in October 2024 painted a different picture, with the monthly trade volume falling by 19% compared to October 2023. Trade dropped from 113 million euros to 92 million euros during this period. German exports decreased by 25%, totaling 77 million euros, while Iran’s exports grew by 29% to reach 15 million euros.
An analysis based on the Standard International Trade Classification (SITC) shows Germany’s main exports to Iran include machinery and transport equipment (up 7%) and chemicals and related products (up 9%). Iran’s primary exports to Germany were food and live animals (up 25%), following by crude materials, inedible, except fuels declined by 25%.
