TEHRAN - The value of trade between Iran and the European Union (EU)’s member states reached €1.18 billion in the first three months of 2023, according to the data released by the European Union's statistics office Eurostat.

Based on the Eurostat data, the trade between the two sides fell 11 percent in the said quarter in comparison to the previous year’s same period when the figure stood at €1.33 billion.

As reported, the EU’s exports to Iran from January to March 2023 stood at €960 million, registering a decrease of nine percent compared to the same period of the previous year when the EU exports to Iran were reported to be €1.055 billion.

The European Union's imports from Iran also reached €220 million in the first quarter of 2023 with a 20 percent decrease compared to the same period last year. In the same quarter of the previous year, €275 million of goods were imported from Iran.

As previously announced by Eurostat, the value of Iran’s export to the European Union’s member states rose 15 percent in 2022, as compared to the previous year.

The Eurostat’s data show that Iran exported commodities worth €1.055 billion to the union in 2022, while the figure was €922 million in 2021.

The EU’s export to Iran also rose seven percent to €4.183 billion from €3.931 billion.

According to the Eurostat, the total value of trade between Iran and the European Union reached €5.238 billion in January-December 2022, while the figure was €3.931 billion in 2021.

Among European countries, Germany was Iran's top trading partner in 2022, accounting for about 35 percent of Iran's trade with the European Union. Germany exported €1.582 billion worth of goods to Iran while importing €278 million worth of commodities from the Islamic Republic. The country's total trade with Iran was 1.860 billion euros.

Italy was Iran's second trading partner with the total trade between the two countries standing at €712 million. Italy exported €551 million worth of goods to Iran while the imports stood at €161 million.

EF/MA