Decline in U.S. Exports to Iran

A new report from the U.S. Census Bureau indicates a significant drop in U.S. exports to Iran over the first seven months of 2016. According to the report, the U.S. exported a total of $97.7 million worth of goods to Iran from January to the end of July this year, compared to $157.7 million during the same period last year. Iran's ranking as a destination for U.S. goods has fallen to 127th place among countries worldwide, a drop of 10 places from the previous year. However, in July alone, U.S. exports to Iran saw a 54% increase, reaching $25.9 million, up from $16.8 million in July of the previous year. The report also states that U.S. imports from Iran during the first seven months of the year amounted to $41.7 million. According to the report, Iran had no exports to the U.S. during the first seven months of 2015, although Iranian customs statistics indicate that there were minimal exports. Customs data for the four-month period shows that Iran exported 635 tons of goods to the U.S. from mid-April to the end of July this year, compared to only 24 tons during the same period last year. Customs reports indicate that the value of Iranian exports to the U.S. during this timeframe has increased 138 times, highlighting that the previous year's figures were indeed very low. In July, the U.S. imported a total of $4.8 million from Iran, placing Iran at 129th in the world in terms of exports to the U.S. The United States exported a total of $281.5 million to Iran last year, but no figures for imports were mentioned. International sanctions against Iran were lifted in January of this year, but U.S. dollar sanctions against Tehran remain in place, complicating Iran's foreign trade in U.S. dollars. Currently, the U.S. mainly exports agricultural and medical products to Iran, while traditional Iranian exports to the U.S. include carpets and pistachios.