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19 May, 2023 11:31

UK’s business with sanctioned country booming

British trade with Iran has tripled since Brexit, official data shows
UK’s business with sanctioned country booming

Trade between Britain and Iran has reached the highest level in a decade, according to official data, apparently having been boosted by Brexit.

Figures released by the British Department for Business and Trade on Thursday suggest that in 2022 total trade in goods and services between the UK and Iran was £696 million ($865 million), an increase of 71.9% compared to 2021.

The UK exported £531 million ($660 million) worth of goods and services to Iran in 2022, an increase of 100% compared to the previous year. Among the top exports to the Islamic Republic are consumer goods, pharmaceutical products, chemicals, and machinery. Among the services exported are travel, intellectual property, and government services.

UK imports from Iran increased by 18% last year compared to 2021 to reach £165 million ($205 million). Among the goods bought by Britain are fruits and vegetables, as well as textiles. Iran ranked 98th among Britain’s trading partners last year.

The report notes that trade was affected by the Covid-19 pandemic and the associated lockdowns. However, since 2020, which was also the year when the UK left the European Union, trade between Britain and Iran has tripled, jumping from £191 million ($237 million) to the current level. Overall, according to the figures presented in the report, the economic exchange between the two nations was at the highest level in a decade.

London, along with the US and the EU, imposed several rounds of financial sanctions on Tehran over its nuclear program and alleged human-rights violations, which the British government has condemned as “horrific.”

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