German Exports to Iran Surge

German exports to Iran rose 15 percent in the first half of the current year following the removal of sanctions, a report said.

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

Overall German exports in the same period in 2015 saw a 14 percent decline, it added.

“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.

He added, “And there is growing demand for technology from the renewable energy sector, mainly wind power stations.”

Tockuss said exports to Iran would further pick up in the coming months and are expected to rise by as much as 25 percent in the whole of 2016 and by 30 percent in 2017.

“The sanctions against Iran were built up over several years and it now will take some years to reverse them and establish new business ties,” he said.

(Source: Tasnim, under Creative Commons licence)

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