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Massive Slump in Austrian Exports to Iran
Trade between Iran and Austria is shrinking. Austrian exports to Iran fell by 11.1 % in 2018, as the Foreign Trade Centre Tehran of the Chamber of Commerce reported. In addition, a further decline is expected after the negative GDP growth in 2018/2019. In addition, there are fears of a further currency decline of the rial and rising inflation.
Many Austrian companies are bowing to the US sanctions policy for fear of otherwise losing markets in the USA. / Picture: © Iranian and Austrian crossed flags by Vindobona
Paradoxically, imports from Iran increased by 278 % in the same period, but this is due to the last oil deliveries before the US sanctions were imposed. Since 4 November 2018, the US has reinstated all sanctions against Iran, including some secondary sanctions.
The European solution INSTEX for a partial presentation of payment transactions is to be operational in the foreseeable…
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