(Persia Digest) - Iran-EU trade saw a rise of 53% in 2017 as compared to a similar period the previous year, to reach € 21 billion.
The 2015 Iran nuclear agreement, the JCPOA, was implemented for the second year running in 2017, giving Iran sanctions relief. This led to a 53% increase in trade between Iran and the European Union in 2016, when trade between the two saw an increase of 78%, to reach € 13.7 billion as compared to the previous year.
Reports indicate that imports by the EU from Iran in 2017 grew at a faster pace than EU exports to Iran. Imports by the EU grew 85% in 2017 as compared to a similar period last year to reach € 10.2 billion. European countries had imported € 5.5 billion worth of goods from Iran in 2016.
EU exports to Iran in 2017 grew by 31% to reach € 10.8 billion. European countries exported over € 8.2 billion worth of goods to Iran in 2016.
This indicates that the trade balance between the two sides in 2017 was worth € 600 million, benefitting the European Union.