TEHRAN – Iran's exports to the European Union increased by six percent in the first ten months of 2024, despite a one percent drop in overall trade volume between the two sides, according to Eurostat data.

Total trade between Iran and the EU reached €3.77 billion from January to October 2024, compared to €3.81 billion in the same period in 2023.

EU exports to Iran amounted to just over €3 billion, a two percent decrease year-on-year. In contrast, Iranian exports to the EU grew from €654 million in 2023 to €695 million in 2024.

In October 2024, bilateral trade totaled €300 million, marking a 19 percent decline from €369 million in October 2023. This figure is the lowest monthly trade volume since January 2021.

Iranian exports to the EU in October rose nine percent to €65 million, while EU exports to Iran fell 24 percent to €235 million.

Germany retained its position as Iran's largest trade partner within the EU, with a trade volume of €1.23 billion. Italy followed with €585 million, the Netherlands with €512 million, Belgium with €281 million, and France with €234 million.

The data underscores mixed trade dynamics amid ongoing economic and geopolitical challenges. Iranian officials have emphasized fostering trade relations in non-sanctioned sectors and establishing trade offices to bolster economic ties with Europe.

EF/MA