Iran-EU trade hits €9.5b in Jan-May

Trade between Iran and the EU reached 9.5 billion euros in the first five months of 2011, the statistical office of the European Union (Eurostat) reported. Despite the U.S. and the EU sanctions, Iran’s exports to the EU’s 27 member states in the first five months of 2011 rose 6.4% compared to the same period of the last year, reaching from 5.028 billion euros to 5.35 billion euros, the report said. EU’s exports to Iran decreased around 7.1% in the first five months of 2011 compared to the same period the year before, reaching 4.1b euros, Eurostat added. The EU is the first trade partner of Iran, accounting for almost a third of its exports. Close to 90% of EU imports from Iran are energy related. Iran ranks as 6th supplier of energy products for the EU. Trade between EU and Iran is subject to certain restrictions derived from the sanctions imposed by the United Nations Security Council on Iran