(June 28, 2019 / JNS) Trade between Iran and Germany has collapsed due to U.S. sanctions against Tehran, according to data published by Funke newspapers, Germany’s third largest newspaper and magazine publisher.
“Data from the German Chamber of Commerce showed that trade volumes between Iran and Europe’s largest economy were down 49 percent over the first four months of the year compared to the same period in 2018, with volumes continually declining,” reported Reuters.
The fall is valued at more than $602.27 million.
While Germany has sanctioned Iranian airline Mahan Air, it has taken favorable steps towards the Islamic Republic. It helped create the Instrument in Support of Trade Exchanges, or Instex, a financial mechanism, to evade U.S. economic penalties on Tehran.