Iran’s ex­ports to Europe in­crease 26% in value

Iran Daily - - Do­mes­tic Econ­omy -

Six­teen Euro­pean coun­tries, in­clud­ing Italy, Spain, Eng­land, Aus­tria and Ger­many were among the top 100 ex­port des­ti­na­tions for Ira­nian goods. The US and Mex­ico were also among Iran’s ex­port des­ti­na­tions dur­ing the pe­riod.

Ex­ports to Croa­tia, Eng­land and Ger­many ex­pe­ri­enced the high­est year-on-year growth, while ex­ports to Den­mark, Aus­tria and France re­mained al­most flat.

Iran’s ex­port to Croa­tia wit­nessed the sharpest in­crease, with a to­tal of 6,942 tons of goods worth $3.23 mil­lion be­ing ex­ported dur­ing the pe­riod, reg­is­ter­ing an in­crease of 1,121 per­cent in weight and 557.9 per­cent in value com­pared with the fig­ures for the same pe­riod last year.

Iran ex­ported more than 19,186 tons of goods worth over $18.7 mil­lion, reg­is­ter­ing a 246-per­cent and a 13-per­cent growth in ton­nage and value re­spec­tively com­pared with the amount for the cor­re­spond­ing pe­riod last year.

Ger­many was also among the top im­porters of Ira­nian goods, with a to­tal of 60,940 tons of goods worth $137.6 mil­lion be­ing ex­ported dur­ing the pe­riod, reg­is­ter­ing an in­crease of more than 205.6 per­cent in weight and 4.97 per­cent in value against the fig­ures for the same pe­riod last year.

This is while ex­ports to Slo­vakia and Spain saw the sharpest de­cline of close to 67 per­cent and 48 per­cent in weight re­spec­tively com­pared with last year’s fig­ures.

The main com­modi­ties ex­ported to the green con­ti­nent in­cluded petro­chem­i­cal prod­ucts, steel rods, iron in­got and glass.

In ad­di­tion to these, man­u­fac­tured goods, date and saf­fron were among the ex­ports. A sig­nif­i­cant amount of wa­ter­melon and ap­ple juice was also shipped to the con­ti­nent.

Euro­pean cap­i­tals are scram­bling for ways to mit­i­gate the worst ef­fects of the lat­est US sanc­tions on Iran.

US Pres­i­dent Don­ald Trump an­nounced on May 8 his with­drawal from the Iran nu­clear deal and promised to re­turn harsh­est sanc­tions in his­tory against Iran.

The first round of re­newed sanc­tions went into ef­fect on Au­gust. The uni­lat­eral US sanc­tions reim­posed on Au­gust 7 pro­hibit Iran’s pur­chase of US dol­lars and pre­cious met­als, part of a larger move that at­tempts to cut the coun­try off from the in­ter­na­tional fi­nan­cial sys­tem.

A sec­ond round of US sanc­tions on Iran’s oil and gas sec­tor are set to go into ef­fect on Novem­ber 4.

The EU is re­view­ing a pay­ments mech­a­nism that would in­volve es­tab­lish­ing a kind of clear­ing­house for all Euro­pean trade with Iran.

A de­ter­mined ef­fort to get around US sanc­tions would also en­cour­age Euro­pean busi­nesses to stay the course in Iran.


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