TEHRAN - The trade between Iran and the European Union (EU)’s member states reached €1.276 billion in the first three months of 2024, registering an eight percent growth year on year, according to the data released by the European Union's statistics office Eurostat.

Based on the Eurostat data, the trade between the two sides stood at €1.18 billion in the previous year’s first three months.

As reported, the EU’s exports to Iran from January to March 2024 stood at €1.06 billion, registering an increase of 10 percent compared to the same period of the previous year when the EU exports to Iran were reported to be €958 million.

The European Union's imports from Iran also reached €216 million in the first quarter of 2024 with a three percent decrease compared to the same period last year. In the same quarter of the previous year, €220 million of goods were imported from Iran.

As previously announced by Eurostat, the value of trade between Iran and the European Union (EU)’s member states reached €4.732 billion in 2023.

The trade between the two sides fell nine percent in 2023 in comparison to the preceding year when the figure stood at €5.244 billion.

As reported, the EU’s exports to Iran from January to December 2023 stood at €3.993 billion, registering a decrease of six percent compared to the same period of 2022 when the EU’s exports to Iran were reported to be €4.187 billion.

The European Union's imports from Iran also reached €799 million in 2023 with a 24 percent decrease compared to 2022. EU imported €1.057 billion of goods from Iran in January-December 2022.

According to Eurostat, Germany was Iran’s top trade partner in Europe in 2023. The country accounted for 36 percent of the Iran-EU total trade in 2023. The total trade between Iran and Germany reached €1.432 billion last year.

Germany exported €1.199 billion of goods to Iran and imported €233 million from Iran. German exports to Iran decreased by 24 percent and imports by 16 percent, year on year.

Italy and the Netherlands were the second and third biggest European trade partners of the Islamic Republic in the previous year.

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