Baku, Azerbaijan, Sept. 8
By Umid Niayesh - Trend:
According to the latest statistics of the United States Census Bureau, which covers the first seven months of 2018, the US imports from Iran has registered a huge rise by 660 percent in July.
Trade turnover between Iran and the US stood at $155.5 million in the first seven months of 2018, 78 percent more year-on-year.
July accounts for almost 40 percent of trade between the two countries in the current year. Tehran-Washington trade in July surged to $60.7 million, 495 percent more compared to the mutual trade in July 2017.
On May 8, the US president pulled his country out of the JCPOA or nuclear deal, which was achieved in Vienna in 2015 after intensive negotiations among Iran and the Group P5+1 (Russia, China, the US, Britain, France and Germany). Following the US exit, Iran and the remaining parties launched talks to save the accord.
In early August, President Donald Trump signed an executive order which made the sanctions against Iran effective.
The sanctions would in the first wave prevent Iran’s access to the US dollar among other restrictions. The second wave to hit in November would ban investments in Iran’s oil and gas projects.
The US Census Bureau data indicates that Washington’s exports to Iran in the last month before the re-imposition of sanctions accounted to $35.7 million, which is 417 percent more year-on-year.
In January-July 2018, the US exported $95.3 million worth of goods to Iran (99 percent more year-on-year), meanwhile the country imported $60.2 million worth of commodities from the Islamic Republic in the 7-month period.
All figures are in millions (USD)
|
Month |
2018 |
2017 |
Growth % |
|||
|
Exports |
Imports |
Exports |
Imports |
Export |
Import |
|
|
January |
8.8 |
4.7 |
4.9 |
5.6 |
80 |
-16 |
|
February |
11.6 |
2.4 |
7.3 |
7.9 |
59 |
-70 |
|
March |
12.4 |
6.2 |
8.6 |
10.4 |
44 |
-40 |
|
April |
12.2 |
9.2 |
5 |
5.7 |
144 |
61 |
|
May |
5.2 |
6.1 |
5.8 |
4.7 |
-10 |
30 |
|
June |
9.4 |
6.6 |
9.4 |
1.7 |
0 |
288 |
|
July |
35.7 |
25 |
6.9 |
3.3 |
417 |
658 |
|
Total |
95.3 |
60.2 |
47.9 |
39.3 |
99 |
53 |
The US exports to Iran in 2017 reached $137.7 million, which is 19.9 percent less year-on-year.
Iran's exports to the US decreased by about 27.9 percent to $63.2 million in January-December 2017. During 2016, the US exported $172 million worth of goods to Iran.
The United States mostly exports agriculture products and medical equipment to Iran, meanwhile the country’s imports from the Islamic Republic are, mostly pistachios and carpets.
Following the US president's withdrawal from the nuclear deal with Iran, the Treasury Department announced that it had revoked licenses that allowed US-controlled foreign firms to export commercial aircraft parts to Iran, and Americans to trade in Iranian carpets, pistachios and caviar.
Removal of international sanctions against Tehran in 2016 only contributed to Iran’s exports to the US, which experienced a 700-percent rise year-on-year, while the overall trade stood at $260 million, 11 percent less than the preceding year.
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Follow the author on Twitter: @UmidNiayesh