(Persia Digest) – As per Eurostat statistics published recently, trade volume between Iran and the EU has doubled over the eight months ending in August 2017 as compared to a similar period last year. Although Iran's trade balance with the EU remains negative, the growth of exports from Iran to the EU as compared to the growth rate of commodities imports from the Union has pushed this balance down from a negative € 2 billion to a negative € 160 million. In other words, the growth of trade with the EU has led to an increase in the export of Iranian goods to the 28 European countries.
Based on information provided by the Eurostat database, the volume of trade between Iran and the 28 European countries was an estimated € 13 billion at the end of the eight-month period in August 2017. This has doubled in size as compared to a similar period in 2016. In the meantime, Iran’s export of goods to the EU has been equal to € 6.5 billion over the same period, showing nearly a twofold increase as compared to a similar period last year (2016).
Iran imports from the EU over the eight-month period ending in August 2017 has been about 37.5% as compared to a similar period last year, showing as increase from € 5 billion to € 6.5 billion. This includes the three main groups of transport equipment and machinery, chemicals and food products, and beverages and tobacco worth a total of € 5 billion, making up around 75% of Iran’s total imports from the EU over the first eight months of 2017.