Iran's Trade With US Declines in 7 Months

EghtesadOnline: Iran’s commercial transactions with the US stood at $22.8 million during the first seven months of 2021 to register a 12.98% decline compared with the corresponding period of 2020.

News ID: ۷۸۶۹۶۹

07 September 2021

Latest data released by the US Census Bureau show Iran exported $0.4 million worth of goods to the US during the period, indicating an 87.5% year-on-year fall.

Imports from the US stood at $22.4 million during the same period, up 2.6% from $23 million during the last fiscal year.

Bilateral exchanges in July 2021 amounted to $2.8 million, down 21.74% compared with $2.3 million in July 2020.

Iran’s exports to the US stood at $0.1 million during the month under review, down 50% from last year’s corresponding period, while imports totaled $2.7 million, indicating a 28.57% YOY growth.

Iran’s commercial exchanges with the US amounted to $40.2 million in 2020, posting a 48.53% decline compared with 2019. Iran exported $3.9 million worth of goods to the US, indicating a 178.57% year-on-year rise. 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, down 98% YOY. Imports from the US totaled $73.1 million in 2019, down 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.

Twice-impeached US president, Donald Trump, abandoned the 2015 nuclear deal Iran signed with world powers in 2018 and reimposed sanctions.

The deal known as Joint Comprehensive Plan of Action saw the lifting of international sanctions against the Islamic Republic in 2016 when the JCPOA was internationally implemented. In return, Tehran agreed to limit the scope of its nuclear program.

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. However, Biden has not shown the determination required by the task.

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