News ID: 274690
Published: 0321 GMT September 25, 2020

Pandemic, sanctions hit EU’s exports to Iran as imports surge: Report

Pandemic, sanctions hit EU’s exports to Iran as imports surge: Report

The spread of the coronavirus pandemic and new US sanctions caused a drop in trade between Iran and the European Union countries in the first seven months this year although Iran sent more shipments the EU over the same period, shows a new report.

The report published on Thursday by Tehran Chamber of Commerce, Industry, Mine and Trade (TCCIMA) said that imports from the EU fell by over 11 percent compared to January-July 2019 to stand at €2.209 billion in value terms, Press TV reported.

The report added, however, that Iranian exports to the EU were up nearly five percent at €440 million although non-oil exports had declined by 11 percent over the period.

Germany remained Iran’s top trading partner in the EU region and had nearly 41 percent of all Iran-EU exchanges worth €2.649 billion reported over the seven months to July, it said, adding that trade with Germany and the Netherlands grew against a decline recorded in exchanges with France and Italy.

April was the worst month on record for Iran-EU trade as pandemic restrictions in both Iran and across the EU caused a decline in exchanges, showed the figures by the TCCIMA.

Iran’s imports from the EU reached its lowest point in July with a 29-percent decline year on year, said the report, adding that trade boomed significantly in January before the pandemic and fresh round of American sanctions imposed on Iran caused a visible decline in the value and volume of the shipments.

Trade between Iran and the EU has been flowing despite a raft of sanctions imposed by the US which seek to cut Iran’s economic relations with the rest of the world, especially with US allies in Europe.

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