The British Ministry of Trade and Commerce has published a report examining the details of the country's trade exchanges with Iran in 2022.
This report has announced a significant growth of 72% in Iran-UK trade last year.
This year, Iran and England had 696 million pounds of trade, which is the highest value of trade between the two countries in the last 10 years.
With the exit of the UK from the European Union in 2020, the trade exchanges between Iran and the UK have grown significantly and more than tripled.
The value of trade between the two countries in 2020 amounted to 191 million pounds, which increased to 405 million pounds in 2021 and 696 million pounds in 2022.
Despite this significant growth, Iran has ranked 98th among the UK's trading partners in 2022, and trade with Iran has constituted only 0.1% of the country's total foreign trade.
100% growth of British exports to Iran in 2022
According to this report, England exported 531 million pounds of goods and services to Iran last year.
British exports to Iran have grown by 100% this year compared to the previous year.
This country had exported 265 million pounds of goods and services to Iran in 2021.
Out of the total British exports of 531 million pounds to Iran in 2022, a significant part of it, 470 million pounds, was related to the export of services to Iran.
British imports from Iran in 2022 also increased by 18% compared to the previous year and reached 165 million pounds.
In the previous year, England had imported 140 million pounds of goods and services from Iran.
Like exports, services have a significant share in British imports from Iran, so that out of 165 million pounds of British imports from Iran, 148 million pounds were related to service imports.
Iran has ranked 81st among British export destinations in 2022, and has been ranked 114th in terms of meeting the country's import needs.