TEHRAN - The economic exchanges between Iran and the United Kingdom (UK) decreased by 18 percent in the first three months of 2024 compared to the same period last year to stand at 18 million pounds, IRNA reported.

Based on a report published by the British Ministerial Department of Business and Trade, the trade between Iran and the UK amounted to 22 million pounds in the previous year’s same three months.

As reported, during January-March 2024 the UK exported 14 million pounds worth of commodities to the Islamic Republic, registering a 17 percent decline, year on year.

Britain’s imports from Iran in the first three months of this year were four million pounds, one million pounds less than the figure for the same period last year.

According to the British Ministerial Department of Business and Trade, the trade between Iran and the UK has more than tripled after BREXIT so the trade between the two countries reached 696 million pounds in 2022.

The volume of economic exchanges between the two countries reached its highest level over the last 10 years in 2022, registering a significant growth of 72 percent.

The value of trade between the two countries amounted to 191 million pounds in 2020 when the UK exited the European Union. The trade increased to 405 million pounds in 2021 and then to 696 million pounds in 2022.

Despite this significant growth, Iran was ranked 98th among the UK's trading partners in 2022, and trade with Iran has constituted only 0.1 percent of the country's total foreign trade.

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