The trade volume between Iran and Europe exceeded four billion euros

According to Eurostat, the total volume of transactions between Iran and Europe from January to November 2023 amounted to 4.2 billion euros, a decrease of 12% compared to the same period last year (4.8 billion euros). European exports accounted for EUR 3.5 billion of this figure, a decrease of 9% compared to the previous year. Iranian exports fell significantly, from 382 million euros last year to 736 million euros, a decrease of 25%.

In the mentioned period, the largest group of goods exported from Europe to Iran was Machinery and transport equipment with 1.24 billion euros, and on the other hand, the largest export of Iran to Europe was Food and live animals and food with 225 million euros.

The statistics for November 2023 show a more positive balance. In this month, the total volume of trade between Iran and the European Union amounted to 454 million euros, an increase of 6 percent compared to the previous year (477 million euros). European exports to Iran increased by 10%, reaching 370 million euros compared to 336 million euros in the previous year. However, Iran’s exports to Europe continue to decline. This month, Iran exported 84 million euros to Europe, a decrease of 9 percent compared to the previous year. The positive growth observed in November 2023 indicates a possible improvement and flexibility in trade relations between Iran and the European Union. The increase in European exports this month could indicate an improvement in economic conditions or a change in market demand.

Germany is Iran’s top trading partner in Europe, followed by Italy, the Netherlands, Belgium and France.