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German exports to Iran soar in H1 after removal of sanctions
August 22, 2016 / 11:51 AM / a year ago

German exports to Iran soar in H1 after removal of sanctions

BERLIN, Aug 22 (Reuters) - German exports to Iran, mostly machines and equipment, jumped in the first half of the year following the removal of international sanctions against the Islamic Republic, official trade data showed on Monday.

Exports to Iran surged by 15 percent year-on-year in the first six months of 2016 to 1.13 billion euros ($1.3 billion), the Federal Statistics Office said.

This compares with a rise of 1.4 percent in overall German exports in the same period and a fall of 14 percent in German exports to Iran in 2015.

“There is a huge demand in Iran for plant and equipment”, said Michael Tockuss, head of the German-Iranian Chamber of Commerce, adding that chemical products and electrical engineering were also doing well.

$1 = 0.8857 euros Reporting by Michael Nienaber and Rene Wagner; Editing by Paul Carrel

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