News ID: 232711
Published: 0300 GMT October 13, 2018

Iran's exports to Europe increase 26% in value

Iran's exports to Europe increase 26% in value

Domestic Economy Desk

Iran's exports to Europe increased during the six-month period from March 21 to Sept. 22, highlighting the country's success in countering US sanctions.

Latest statistics provided by Iran's Customs Administration indicate the amount of non-oil commodities exported into Europe witnessed a significant growth registering a 112.9-percent rise in tonnage and 26.33-percent increase in value compared with the figures for the same period last year.

However, the total amount of non-oil commodities exports stood at 56.6 million tons, posting a 3.27-percent decline against the figure for the same timespan last year.

A total of 16.2 million tons of goods were also exported during the period, registering a decline of more than 9.3 percent in weight compared with the amount for the same period last year.

Sixteen European countries, including Italy, Spain, England, Austria and Germany were among the top 100 export destinations for Iranian goods. The US and Mexico were also among Iran's export destinations during the period.

Exports to Croatia, England and Germany experienced the highest year-on-year growth, while exports to Denmark, Austria and France remained almost flat.

Iran's export to Croatia witnessed the sharpest increase, with a total of 6,942 tons of goods worth $3.23 million being exported during the period, registering an increase of 1,121 percent in weight and 557.9 percent in value compared with the figures for the same period last year.

Iran exported more than 19,186 tons of goods worth over $18.7 million, registering a 246-percent and a 13-percent growth in tonnage and value respectively compared with the amount for the corresponding period last year.

Germany was also among the top importers of Iranian goods, with a total of 60,940 tons of goods worth $137.6 million being exported during the period, registering an increase of more than 205.6 percent in weight and 4.97 percent in value against the figures for the same period last year.

This is while exports to Slovakia and Spain saw the sharpest decline of close to 67 percent and 48 percent in weight respectively compared with last year's figures.

The main commodities exported to the green continent included petrochemical products, steel rods, iron ingot and glass.

In addition to these, manufactured goods, date and saffron were among the exports. A significant amount of watermelon and apple juice was also shipped to the continent.

European capitals are scrambling for ways to mitigate the worst effects of the latest US sanctions on Iran.

US President Donald Trump announced on May 8 his withdrawal from the Iran nuclear deal and promised to return harshest sanctions in history against Iran.

The first round of renewed sanctions went into effect on August. The unilateral US sanctions reimposed on August 7 prohibit Iran's purchase of US dollars and precious metals, part of a larger move that attempts to cut the country off from the international financial system.

A second round of US sanctions on Iran's oil and gas sector are set to go into effect on November 4.

The EU is reviewing a payments mechanism that would involve establishing a kind of clearinghouse for all European trade with Iran.

A determined effort to get around US sanctions would also encourage European businesses to stay the course in Iran.

 

   
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