German-Iranian trade breaks | Economy | '
As reported by the Funke-Mediengruppe, based on calculations by the German Association of Chambers of Industry and Commerce (DIHK), exports from Germany to Iran in the first four months of the current year fell by 49 percent to 450 million euros. This affected above all the German mechanical engineering. It tops the list with 41 percent of exports, followed by the chemical industry with 24 percent and food with 13 percent.
Imports from Iran to Germany fell by 39 percent to 80 million euros in the same period. Above all, Iran supplies food and raw materials to Germany.
US threats are having an effect
The US has threatened to sanction companies that trade with Iran. Many companies have therefore abandoned or restricted their activities in the country. They fear losing markets in the US otherwise. US President Donald Trump unilaterally declared his country's exit from the nuclear deal with Iran last year and imposed new financial and trade sanctions.
The Europeans are trying to save the deal and maintain trade with Iran. The proposed payment tool Instex is intended to enable European companies to continue trading with Iran despite US sanctions. So far, however, the efforts have remained largely ineffective.
haz / jj (afp, rtr)
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