Transactions With US Decline

EghtesadOnline: Iran’s commercial transactions with the US stood at $25.7 million during the first eight months of 2021 to register a 14.9% decline compared with the corresponding period of 2020.

News ID: ۷۸۷۱۳۱

09 October 2021

Bilateral exchanges in August 2021 hit $2.8 million, down 30% compared with $4 million in August 2020.

Latest data released by the US Census Bureau show Iran exported $0.6 million worth of goods to the US in the eight months, indicating an 81.82% year-on-year fall.

Imports from the US stood at $25.1 million during the same period, down 6.69% from $26.9 million during last year’s corresponding period.

Iran’s exports to the US stood at $0.2 million in August, up 100% from last year’s corresponding period that stood at $0.1 million, while its imports totaled $2.6 million, indicating a 33.33% YOY decline.

Iran’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% 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 last year, down 98% YOY while 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 have been holding indirect talks to revive 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.

However, US ex-president, Donald Trump, abandoned the deal in 2018 and reimposed sanctions. Trump's successor Joe Biden has said he wants to restore the deal.