Iran's Trade Deficit With US Highest Over Past Decade
EghtesadOnline: Iran recorded a $372.6 million trade deficit with the US in 2018, figures released by the United States Census Bureau show.
The deficit is reportedly the highest over the past decade.
Of the $508.4 million worth of traded commodities, $67.9 million pertained to Iran’s exports to the United States and $440.5 million to imports, showing an 8% and 224% increase respectively.
The value of Iran’s exports to the US in 2018 reached its highest in July to register the biggest increase in exports as well. Iran exported $25 million worth of goods to the US in that month, which indicated a 658% hike compared with the similar period of 2017, according to Financial Tribune.
Exports from Iran to the US was the lowest in September (100%) when Iran exported almost nothing to the US.
Iran’s imports from the US reached $149.8 million in August to record the highest import value over the 12 months. Yet, October was the month that saw the highest increase in imports from the United States. Imports stood at $109.2 million in the 10th month of 2018, to register a 587% surge year-on-year.
The sharpest decline in imports happened in December when $5.2 million worth of products were purchased from the US, showing a 68% fall YOY.
US President Donald Trump announced in May his country's unilateral walkout from the nuclear deal it signed together with five other world powers, namely the UK, Germany, France, China and Russia.
He then unleashed two waves of sanctions, one in August and another in November, described by Washington as "toughest ever" aimed at choking Iran's foreign trade.
The nuclear deal, formally known as the Joint Comprehensive Plan of Action, was signed in 2015 and implemented a year later. It saw the removal of years of international sanctions against Iran. In exchange, the Islamic Republic agreed to limit the scope of its nuclear program.