50% Decline in Trade With US
EghtesadOnline: Iran’s trade with the US stood at $30 million from January to August 2020 to register a more than 50% decline compared with the corresponding period of 2019.
Latest data released by the US Census Bureau show Iran exported $3.3 million worth of goods to the US during the seven-month period, indicating a 153.8% year-on-year rise.
Imports from the US stood at $26.9 million during the same period, down 55.6% YOY.
Bilateral trade in August stood at $4 million, down 56.5% YOY.
Iran’s exports to the US in August stood at $100,000 (no significant YOY change), while its imports hit $3.9 million, indicating a 57% YOY decrease.
Iran-US trade hit $74.5 million in 2019 to register an 84.97% decline compared to the year before.
Iran exported $1.4 million worth of goods to the US last year, down by 98% YOY.
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.