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Although European exports to Iran reached their highest level in the last 15 months in the last month of 2023, the total volume of trade between Iran and Europe in the whole year shows an 11% decrease.
The trade relationship between Iran and the European Union (EU 27) witnessed fluctuations throughout the year 2023. Despite facing challenges such as geopolitical tensions and economic uncertainties, the trade volume remained significant, albeit experiencing a decline compared to the previous year.
The total trading volume between Iran and EU 27 for the period of January to December 2023 amounted to 4.7 billion euros. This figure represents an 11 percent decrease compared to the same period in the previous year, which recorded a trading volume of 5.5 billion euros. Iran’s exports to the EU 27 totaled 799 million euros, reflecting a significant decline of 24 percent compared to the previous year’s figure of 1.056 billion euros.
In December 2023, the total trading volume between Iran and EU 27 reached 465 million euros, showing a slight increase of 5 percent compared to the same month in the previous year, which recorded a volume of 445 million euros. European exports to Iran in December 2023 amounted to 403 million euros, indicating a notable increase of 9 percent compared to December of the previous year, which recorded exports worth 370 million euros. Iranian exports to the EU 27 during December 2023 amounted to 62 million euros, experiencing a decline of 16 percent compared to December of the previous year, which recorded exports worth 74 million euros.
The most exported goods from Europe to Iran in 2023 were machinery and transport equipment, which accounted for nearly 35% of exports with 1.39 billion euros. On the other hand, Iran’s largest export product to Europe in 2023 was food and live animals with 252 million euros. Iran’s top trading partner in Europe in 2023 is Germany, which accounted for 30% of Iran’s total trade with Europe. Italy (+5%), Netherlands (+32%) and Belgium (+6%) are in the next ranks of Iran’s trading partners with Europe.
