Germany exports to Iran up 33% to reach €1.6b

5 Nov 2014 13:57

Germany exported 1.6 billion euros of commodities to Iran in the first eight months of this year following an interim nuclear deal reached between the Islamic Republic and the P5+1 group, official data show.

New figures, released by Germany’s Statistics Office, show a 33-percent increase year-on-year in German exports to Iran during January-August period.

Machines, vehicles and chemicals were among the main items exported to Iran.

“These relatively small steps have been like a lever starting a bigger movement,” said Jens Nagel of the BGA exporters’ and wholesalers’ association.

“The German economy especially could profit from a relaxation (in the sanctions),” he said.

The exports of the Europe's biggest economy to Iran plunged by 26 percent in 2013 after they fell by more than 18 percent in the two previous years because of Western sanctions imposed on Iran over its nuclear energy program.

Several major companies such as Siemens faced obstacles in their activities in Iran due to the sanctions.

Iran and the five permanent members of the UN Security Council plus Germany reached an interim deal in the Swiss city of Geneva in November 2013, according to which the six countries accepted to ease sanctions against Iran in return for the Islamic Republic limiting certain aspects of its nuclear activities. The deal came into effect on January 20 and expired on July 20. The two sides then agreed to extend the duration of the agreement until November 24.

The two sides are in talks to hammer out a comprehensive deal to end sanctions against Tehran.

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