Iran's Trade With US Halves

EghtesadOnline: Iran’s commercial exchanges with the US stood at $20 million during the first five months of 2020 to register a 51.1% decline compared with the corresponding period of 2019.

News ID: ۷۸۵۵۵۶

05 July 2020

Latest data released by the US Census Bureau show Iran exported $2.9 million worth of goods to the US during the five months to May 31, indicating a 222.22% year-on-year rise.

Imports from the US stood at $17.1 million during the same period, down 57.25% YOY.

Bilateral trade in May amounted to $2.8 million, down 72.55% YOY.

Iran did not have any exports to the US in May, while imports stood at 2.8 million, indicating a 71.43% decrease YOY.

Iran-US trade amounted to $74.5 million in 2019 and registered a 84.97% decline compared to the year before.

Iran exported only $1.4 million worth of goods to the US last year, down by 98% YOY.

Imports from the US totaled $73.1 million in 2019, down by 82.83% YOY.

In 2018, the value of trade between the two countries increased by 155% compared to 2017, after the reimposition of the US sanctions on Iran. However, it has been falling drastically ever since.