H1 Trade With US Declines by 15.9%

EghtesadOnline: Iran’s commercial transactions with the US amounted to $20.1 million during the first six months of 2021 to register a 15.9% decline compared with the corresponding period of 2020.

News ID: ۷۸۶۸۴۲

10 August 2021

Bilateral exchanges in June 2021 amounted to $3.5 million, down 7.9% compared with $3.8 million in June 2020.

Latest data released by the US Census Bureau show Iran exported $0.3 million worth of goods to the US during the six months under review, indicating a 90% year-on-year fall.

Imports from the US stood at $19.8 million during the same period, down 5.3% from $20.9 million during the last fiscal year.

Iran’s exports to the US stood at $0.1 million in June unchanged from last year’s corresponding period, while its imports totaled $3.4 million, indicating an 8.1% YOY decline.

The country’s commercial exchanges with the US amounted to $40.2 million in 2020, posting a 48.53% decline compared with 2019. It exported $3.9 million worth of goods to the US during last year, indicating a 178.57% rise YOY.

Imports from the US stood at $36.3 million during the period, down 52.67% YOY.

Iran-US trade amounted to $74.5 million in 2019 to register an 84.97% decline compared to the year before. Iran exported only $1.4 million worth of goods to the US last year, down 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 US sanctions on Iran. However, it has been falling drastically ever since.

Iran and the US are holding indirect talks on reviving the 2015 nuclear deal known as the Joint Comprehensive Plan of Action.

The talks seek to revive a landmark pact under which Iran agreed to curbs on its nuclear program in return for the lifting of international sanctions, which opened the way for a brief thaw in decades of US-Iranian confrontation, according to Reuters.

The twice-impeached US president, Donald Trump, abandoned the deal in 2018 and reimposed sanctions.

Trump's successor Joe Biden has said he wants to restore the deal's nuclear limits and, if possible, extend them to cover issues such as Iran's missile program.

Iran wants all sanctions lifted without any expansion of the terms.

Negotiations were interrupted in the wake of the presidential election in mid-June and the change of government in Iran. They are now to be continued with the nuclear team of the new Iranian President Ebrahim Raeisi.

The currently suspended nuclear negotiations with Iran could be resumed as early as a few weeks, according to EU evaluations.

The understanding is that the return to the negotiating table could take place immediately after the completion of the government formation currently underway in Iran, a senior EU official said.

A date of "early September" was being considered.

Negotiations have been underway in Vienna, Austria, since April to salvage the 2015 nuclear deal, with diplomatic efforts by the signatories, China, Germany, France, Britain and Russia, as well as the EU, focused on getting the US to return to the deal. This includes lifting sanctions against Iran.