The latest report released by Eurostat indicates that the trading volume between Iran and 27 EU countries grew by 45 per cent in the first half of 2010, compared to the same period last year. The trading volume between Iran and Europe hit €11.85 billion, from €8.16 billion for the corresponding period in 2009. Experts believe that this growth is partly due to exchange rate fluctuations and oil price changes.
The European Union imported €3.35 billion worth of goods from Iran during January to June 2009, and €6.26 billion in the first six months of 2010 – 86.9 per cent growth. Crude oil accounted for the bulk of EU imports, and the higher oil prices were the main reason behind the growth. Iran ranked fifth as an oil supplier over the period, supplying 5 per cent of EU crude oil imports.
In the same period, the European Union exported €5.58 billion of goods to Iran, mainly machinery, showing 15.9 per cent growth. However, dissecting longer-term developments in Iran–EU trade underscores that the volume of trade depends strongly on the price of crude oil. When oil prices fell sharply between 2008 and 2009, the volume of EU imports from Iran dropped by 45 per cent. Nonetheless, it is interesting that despite international sanctions, EU's exports to Iran have grown between 2009 and 2010.
For more news and expert analysis about Iran, please see Iran Strategic Focus.
© 2010 Menas Associates
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