TEHRAN - The economic exchanges between Iran and the United Kingdom (UK) increased by 17 percent in the first four months of 2023 compared to the same period last year, IRNA reported.

Based on a report published by the British Ministerial Department of Business and Trade, the trade between Iran and UK amounted to 27 million pounds equal to $34 million in the mentioned four months.

As reported, during January-April 2023 the UK exported 20 million pounds equal to $25 million worth of commodities to the Islamic Republic, registering a 25 percent rise, year on year.

Britain’s imports from Iran in the first four months of this year were seven million pounds equivalent to nine million dollars, with no significant change compared to 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 that 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.

EF/MA