Trade With US Doubles in October

EghtesadOnline: Latest data released by the US Census Bureau show Iran-US trade more than doubled in October compared to the previous month.

News ID: ۷۸۷۴۱۰

11 December 2021

Iran’s exports to the US stood at $0.4 million in October, up 100% from last year’s corresponding period, while imports totaled $3.5 million, indicating a 105.88% YOY growth.

Bilateral exchanges in October 2021 hit $3.9 million, up 105.26% compared with $1.9 million in September 2020.

Iran’s trade with the US stood at $33.8 million during the first 10 months of 2021 to register a 3.43% decline compared with the corresponding period of 2020.

Iran exported $1 million worth of goods to the US in the 10 months under review, indicating a 72.97% year-on-year fall.

Iran’s Jan.-Oct. imports from the US stood at $32.8 million, up 4.79% from $31.3 million during last year’s corresponding period.

Iran’s commercial exchanges with the US hit $40.2 million in 2020, posting a 48.53% decline compared with 2019. It exported $3.9 million worth of goods to the US last year, indicating a 178.57% year-on-year rise. Imports from the US stood at $36.3 million, down 52.67% YOY.

Bilateral trade stood at $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 while imports totaled $73.1 million, down 82.83% YOY.

In 2018, the value of trade between the two countries increased by 155% compared to 2017 but has been falling drastically ever since.

According to Ahmad-Reza Farshchian, a Tehran Chamber of Commerce official, Iran’s exports to the US are limited to those shipped by passengers with the shelves of Iranian supermarket in the United States as their destination.

"American businessmen and companies have not bought Iranian goods for years and there is no import from Iran. American companies are reluctant to do business with Iran in fear of the consequences of violating Washington’s sanctions,” he added.

According to Hassan Shokouhi, the head of the Food Supplements Importers Union, American drugs (medicine) find their way to the Iranian market in return via third-party countries, mainly the UAE.