Trade With US Doubles in November

EghtesadOnline: Latest data released by the US Census Bureau show noticeable growth in Iran-US trade in November 2021.

News ID: ۷۸۷۶۱۸

11 January 2022

Iran’s exports to the US stood at $0.1 million in November, down 50% from last year’s corresponding period, while imports totaled $3.3 million, indicating a 135.71% YOY growth.

Bilateral exchanges in November 2021 hit $3.4 million, up 112% compared with $1.6 million in November 2020.

Iran’s trade with the US stood at $37.2 million during the 11 months ending in November to register a 1.64% growth compared with the corresponding period of 2020.

It exported $1.1 million worth of goods to the US during the period, indicating a 71.79% year-on-year fall.

Iran’s Jan.-Nov. imports from the US stood at $36.1 million, up 10.4% from $32.7 million during last year’s corresponding period.

Its 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 Ahmadreza Farshchian, a Tehran Chamber of Commerce official, Iran’s exports to the US are limited to those shipped by passengers with Iranian supermarkets 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 Food Supplements Importers Union, American medicines find their way to the Iranian market in return via third-party countries, mainly the UAE.