The latest official figures show that German exports to Iran rose significantly in the first quarter following the removal of international sanctions against the country.

Figures released by the Federal Statistics Office show that exports to Iran surged by 7 percent year-on-year in the January-March period to �500 million.

This compares with a 0.7 percent rise in overall, year-on-year German exports in the same period, Reuters reported.

There has specifically been a rise in exports of machines and equipment to Iran, it added.

"This is quite reasonable," said Michael Tockuss, head of the German-Iranian Chamber of Commerce. "Machines and equipment are doing exceptionally well, but also grain and wheat."

He added that Iran had shown interest in large-scale projects to build refineries and petrochemical factories and cement plants, but was unable to finance such undertakings with credit from foreign banks.

"Its own banks lack liquidity. They are dependent on our banks to finance projects," Tockuss said. Despite such difficulties, he said, Germany should expect business with Iran to outperform activity with most other emerging markets.

German exports to Iran could reach �2.5-3 billion this year, up from �2 billion in 2015, he added.

Germany's Chambers of Commerce and Industry (DIHK) expects exports to Iran to reach �5 billion in the coming years and reach twice that figure in the long term.

Germany for decades had been Iran's biggest European trading partner. Almost immediately after the lifting of the sanctions against Iran in January, the German government sent Economy Minister Sigmar Gabriel to Tehran at the head of a major delegation to discuss post-sanctions business opportunities in the Islamic Republic.

This opened the way for future visits of trade delegations from Germany to Iran.

The latest such visits on Wednesday led to the awarding of a major petrochemical project by Iran to Abels Decker Kuhfu� Lenzen (ADKL).

By Press TV