Significant Decline in Trade Between Iran and the U.S. in Trump's First Year

Bilateral trade between Iran and the United States shows a significant decline in the first year of Donald Trump's presidency. According to the latest report from the U.S. Census Bureau published on Wednesday, February 7, the U.S. exported $137.7 million to Iran last year, reflecting a 25% decrease compared to 2016. Iran also exported $63.2 million to the U.S. during the same period, indicating a decrease of about 39% compared to 2016. Excluding 2014, the two countries have never had such low bilateral trade in the past 15 years. In 2014, Iran's exports to the U.S. dropped to zero, while U.S. exports to Iran remained relatively high. Statistical analysis of Iran-U.S. bilateral trade since the beginning of the last decade shows that until 2007, the trade balance was always in favor of Iran, meaning Iran's exports to the U.S. exceeded its imports from the country. However, in 2008, U.S. exports to Iran surged to nearly $700 million, and since then, the trade balance has favored the U.S. During the peak of sanctions, from 2011 to 2014, Iran's exports to the U.S. fell to a range of $0 to $2.2 million per year, while U.S. exports to Iran remained high. The U.S. mainly exports medical equipment, pharmaceuticals, and agricultural products to Iran. Iran's traditional exports to the U.S. include pistachios, carpets, and dried fruits. Additionally, the Iranian Customs website published a detailed press conference by Farid Asgari, the head of customs, on February 5, announcing a surge in Iran's imports over the past 10 months. Mr. Asgari stated that 'during this period, the volume of our foreign trade was about $80 billion.' He noted that Iran's non-oil exports (including gas condensates and hydrocarbon gases) reached approximately $37 billion, a 1.7% increase compared to the same period last year. Iran's imports also surged by about 22% to $42.8 billion.