TEHRAN – While trade between Iran and the European Union fell by three percent during the first 11 months of 2024 compared to the same period last year, Iran’s exports to Europe grew by five percent over the same timeframe, according to Eurostat data.

Iran-EU trade volume reached €4.15 billion from January to November 2024, down from the previous year. Of this, €3.37 billion accounted for European exports to Iran, reflecting a four percent decline, while Iranian exports to Europe increased by five percent to €773 million.

In November 2024, Iran-EU trade stood at €377 million, marking a 19 percent drop compared to €467 million in November 2023. European exports to Iran decreased by 22 percent, falling from €383 million to €299 million. Meanwhile, Iranian exports to Europe rose from €84 million to €78 million, registering a seven percent year-on-year growth for the month.

Based on the SITC classification, food and livestock were the top Iranian items exported to the EU, with a 20 percent increase in exports and a total value of €270 million. Conversely, the primary European export category to Iran was vehicles and industrial machinery which fell by seven percent to €1.18 billion.

Germany remained Iran’s top European trading partner, followed by Italy, the Netherlands, and Belgium.

EF/MA