New Eurostat data shows EU imports from Iran fell to 90 million euros in March-May, down from 160 million in the same period last year, while EU exports to Iran dropped from 454 million to 161 million euros. Total bilateral trade declined by approximately 60% year-on-year.
New Eurostat data released today shows bilateral trade between the European Union and Iran fell by approximately 60% in the March-May period compared to the same period last year. EU imports from Iran dropped to 90 million euros from 160 million, while EU exports to Iran fell to 161 million euros from 454 million.
The figures add to a raft of economic indicators signaling the Iranian economy under severe pressure. As The Zioneer has reported, the International Monetary Fund projects Iran's economy will contract by 6.1% this year — the worst since the 1980s — with inflation near 70%. The Iranian rial has weakened to record lows, recently trading above 1.77 million to the dollar, and oil exports have fallen sharply amid US sanctions and a naval blockade.
The sharp decline in both EU imports from and exports to Iran underscores the extent of Iran's economic isolation, even as diplomatic efforts to ease tensions continue.
- DevelopingIran's oil exports plummet 84% in May, single source reports
- DevelopingIranian MP: over $130 billion in export revenues never returned to Iran's formal economy since 2018
- DevelopingIMF forecasts Iran economy to shrink 6.1% this year — worst contraction since 1980s
- DevelopingIranian rial loses 13% of value in under two weeks despite Hormuz opening
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