TEHRAN – Trade between Iran and Austria reached $220 million in 2024, marking a five percent increase from the previous year, according to the International Affairs Department of the Iran Chamber of Commerce, Industries, Mines and Agriculture (IRICA).

The report notes that bilateral trade between the two countries, which stood at $1.2 billion in 1970, has significantly declined over the decades due to international sanctions and geopolitical tensions.

Austria's exports to Iran rose by six percent year-on-year to $190 million in 2024, while Iran's exports to Austria remained unchanged at $30 million.

Austria's main exports to Iran included industrial machinery, medical equipment, and chemical products. In contrast, Iran's primary exports to Austria consisted of petrochemical products, pistachios, dried fruits, and Persian carpets.

The report described Austria as a pragmatic and low-conflict partner with strong potential for collaboration, particularly in technology and energy. However, sanctions, EU pressures, and competition from China were identified as major obstacles to expanding bilateral ties.

It concluded that unless sanctions are lifted and cooperation deepened, only modest trade growth is expected through the end of 2025. Nonetheless, the report emphasized that easing restrictions could pave the way for broader engagement in key sectors such as engineering and infrastructure.

EF/MA