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US move on Iran threatens €143m Irish export trade

US move on Iran threatens €143m Irish export trade

Iran: More than €143 million worth of Irish exports to Iran are under threat from US president Donald Trump’s decision to pull out of the international nuclear deal and to reimpose sanctions on the Islamic state.

Several Irish firms began trading with Iran, the Middle East’s second-largest economy, in the wake of the 2015 deal to control Tehran’s nuclear ambitions, which led to the lifting of long-standing international sanctions and the resumption of formal trade ties with several European countries.

Bord Bia and Enterprise Ireland led separate trade missions to Tehran in 2016, which were attended by dozens of Irish companies, looking to open trade contacts between the two states.

Last year, Ireland exported €143.2 million worth of goods and services to Iran, more than double the level in the previous year. The bulk of the exports – €70 million – comprised office machines and data-processing equipment, but there were also significant exports of medical and pharmaceutical equipment, and dairy produce.