In its latest report, the Tehran Chamber of Commerce studies Iran’s trade situation with the European Union in the first quarter of 2022.
According to statistics provided by informants, the European Union in the first quarter of this year increased by 31% compared to the same period last year, and global trade amounted to 1266 billion euros. During this period, the region’s exports amounted to about 592 billion euros and imports 674 billion euros. EU exports increased by 16% over the same period last year and imports by 46%.
After the Russian invasion of Ukraine, exports and imports to the EU increased, with imports growing by 19 percent and exports by 15 percent in March alone.
Since 2019, with the tightening of sanctions, the volume of joint trade between Iran and the European Union has decreased significantly. Iran’s total trade with Europe in 2019 amounted to 4 billion and 870 million euros in the previous quarter.
Iran’s trade with Europe in the first quarter of 2022 amounted to 1.33 billion euros, of which about 20 percent is related to exports and about 80 percent to imports. During this period, joint trade between Turkey and the European Union almost doubled. Turkey currently exports about 23 billion euros to the European Union.
Since the Russian invasion of Ukraine, its trade with the European Union has also changed. According to official statistics, in March of this year, European imports from Russia increased by 12%, while exports to this country decreased by about 49%. A significant part of bilateral trade is in Russian oil exports to the European Union.
During these years, Iran’s trade balance in dealing with the European Union has always been negative. In the first quarter of 2022, the country reached 779 million euros.
The main goods exported to Iran from Europe are transportation machinery and equipment, foodstuffs, chemical products, industrial products, beverages and tobacco, and in exchange for food and live animals, chemical products, non-food raw materials, and oil. Plant and animal products are important. Exporting goods from Iran to Europe.
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