Iran-US Bilateral Trade Drops by 29% in 6 Months

The total value of trade exchanges between Iran and the US over the first half of 2017 has decreased by 29 percent, according to the latest data released by the US Census Bureau.

The bilateral trade between the Islamic Republic and the US from January to June amounted to $77.2 million, showing a 29% drop, compared to the same period last year, the data showed.

The trade transactions between the two countries in the first half of 2016 had reached $109.2 million, according to the report.

The data also showed that US exports to Iran from January to June this year amounted to $41.3 million, a drop of 42 percent compared to the same period in 2016. From January to June 2016, the United States had exported $71.9 million worth of goods to Iran.

US imports from Iran during the first six months of this year also reached $35.9 million, showing a 4% decrease compared to the same period last year.

The report comes against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16, 2016.

The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

However, Iranian officials have complained about the failure of the other side, especially the US, to fully implement the accord, as Iran still has problems in its banking transactions with other countries.

(Source: Tasnim, under Creative Commons licence)

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