Iran’s two-month trade with US grows by 39%

Iran’s trade with the US reached $7.1 million in the first two months of 2022 to register a 39.22% growth compared with the year before.

16 April 2022
ID : 33632
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Iran’s trade with the US reached $7.1 million in the first two months of 2022 to register a 39.22% growth compared with the year before.

A man walks past a mural painted on the outer walls of the former US embassy in Tehran. Photo: AFP

Iran’s trade with the US reached $7.1 million in the first two months of 2022 to register a 39.22% growth compared with the year before. 

Latest data released by the US Census Bureau show that Iran exported $0.1 million to the US, unchanged compared with the corresponding period of last year.

This is while imports from the US stood at $7 million, up 40% YOY.

Bilateral exchanges in February 2022 hit $2.1 million, down 8.7% compared with $2.3 million in February 2021. 

Iran’s exports to the US stood at $0.1 million in February, unchanged YOY, while imports totaled $2 million, indicating a 9.09% YOY decline.

Iran’s trade with the US stood at $40.6 million in 2021 to register a meager 1% growth compared with the year before. Iran’s exports stood at $1.2 million, indicating a 69.23% year-on-year fall while imports from the US stood at $39.4 million, up 8.54% YOY.

Commercial exchanges stood at $40 million in 2020, posting a 48.53% decline compared with 2019. Iran exported $3.9 million worth of goods to the US in 2020, indicating a 178.57% year-on-year rise. Imports from the US stood at $36.3 million, down 52.67% YOY.

Bilateral trade stood at $74.5 million in 2019 to register an 84.97% decline compared to the year before. Iran exported only $1.4 million worth of goods to the US, down 98% YOY while imports totaled $73.1 million, down 82.83% YOY.

In 2018, the value of trade between the two countries increased by 155% compared to 2017.

According to Ahmadreza Farshchian, a Tehran Chamber of Commerce official, Iran’s exports to the US are limited to those shipped by passengers with Iranian supermarkets in the United States as their destination.

"American businessmen and companies have not bought Iranian goods for years and there is no import from Iran. American companies are reluctant to do business with Iran for fear of the consequences of violating Washington’s sanctions,” he said.

According to Hassan Shokouhi, the head of Food Supplements Importers Union, American medicines find their way to the Iranian market via third-party countries, mainly the UAE. 

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