News ID: 190189
Published: 0611 GMT April 03, 2017

Iran trade transactions with EU, China record major increase

Iran trade transactions with EU, China record major increase

Recent statistics show major rise in Iran trade transactions with member states of the European Union (EU) and China.

Trade transactions between Iran and EU reached €13.744 billion in 2016, showing a 78-percent growth compared to the figure for 2015.

Latest Eurostat statistics indicate that trade transactions between Iran and the 28 members of the European Union (EU) witnessed a 78-percent increase in 2016 compared to that of a year ago, ifpnews.com reported.

Eurostat is a directorate-general of the European Commission located in Luxembourg whose main responsibilities are to provide statistical information and promote the harmonization of statistical methods across its member states and candidates for accession as well as the European Free Trade Association countries.

In 2016, trade between Iran and the EU, which stood at €7.689 billion in 2015, increased to €13.744 billion.

The EU's imports from Iran reached €4.496 billion in 2016, which was 4½ times bigger than the figure for 2015 (€1.235 billion). The main reason for the growth in the European purchases from Iran was the lifting of the oil sanctions on Tehran which led to the resumption of the EU's oil imports from the country [in 2016].

In this period, France was the biggest European importer of goods from Iran. The European country purchased €1.35 billion worth of products from Iran in 2016 which indicated a twofold growth year-on-year. Italy (€1.049 billion) and Spain (€870 million) were the second and third major importers of goods from Iran in the same period of time, respectively.

The EU's exports to Iran in 2016 also witnessed a 28-percent growth to amount to €8.248 billion. In 2015, the figure stood at €6.454 billion.

Germany with €2.599 billion was the biggest European exporter of products to Iran in 2016. The country's exports to Iran in this time-span grew 26 percent compared to the figure for 2015, which was €2.062 billion. In the same period, Italy and the Netherlands sold €1.541 billion and €712 million worth of products to Iran, respectively, to rank second and third among the major EU exporters of goods to Iran.

Also, according to the latest statistics released by the Chinese Customs Administration, trade turnover between Iran and China stood at $5.76 billion in first two months of 2017.

The figure indicates an increase by 52 percent compared to the same period of 2016, which was $3.8 billion.

China's exports to Iran in the 2-month period amounted to $2.791 billion, 25.6 percent more, year-on-year.

The country also imported $2.964 billion worth of goods from Iran in that period, 89.7 percent more compared to the two-month period of 2016.

Iran's imports from China reached $831.2 million in February 2017 while exports to the Asian country amounted to $1.63 billion. Trade turnover between the two countries was $51 billion in 2014 — 31 percent more compared to the preceding year.

The figure stood at $34 billion in 2015, indicating a 34-percent plunge.

   
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