Iran-U.S. trade value surpass $550 million

Business Materials 19 February 2014 11:51

Baku, Azerbaijan, Feb. 19

By Rahim Zamanov - Trend:

Trade turnover between Tehran and Washington surpassed $550 million in the past three to four months, Head of the Exports Commission of the Iranian Chamber of Commerce, Industries, Mines and Agriculture Asadollah Asgaroladi said on Feb. 18, Iran's IRNA News Agency reported on Feb. 19.

"Iran's imports from the United states account for $350 million of the mentioned amount," he said.

"If the results of the [nuclear] talks are positive, then the two country's bilateral trade may increase up to one billion dollars in 2014," he explained.

The Tasnim News Agency reported in October, 2013 that the Iran-U.S. Joint Chamber of Commerce has been established as an NGO.

"Maybe the NGO could be effective in resolving problems. Maybe the joint chamber of commerce could materialize Iran's objectives," Iranian Central Bank Governor Valiollah Seif said.

In April, ISNA quoted Trade Promotion Organization of Iran official Abdolhamid Asadian as saying that there is no direct trade between Iran and the U.S. at present.

Goods which are being registered at Iranian customs offices as imported from the U.S. are in fact goods which have been indirectly imported to Iran via the U.S., he was quoted as saying on Wednesday.

Trade between Iran and U.S. amounted to $133.8 million in the past Iranian calendar year which ended on March 20, showing a 32 per cent growth year on year, according to Iranian Customs Administration data.

U.S. exported $132.4 million worth of goods to Iran and imported $1.4 million worth of goods from Iran in the past year.

According to a Reuters report, U.S. exports to Iran rose by nearly a third in 2012, chiefly because of grain sales, despite the tightening of U.S. financial sanctions.