Significant Decrease in Iran-U.S. Trade

A recent report from the U.S. Census Bureau indicates that bilateral trade between Iran and the United States has reached $140 million in the first nine months of the current year, with nearly 67% of this amount consisting of U.S. exports to Iran. According to the report published on Sunday, November 5, U.S. exports to Iran during this period amounted to $93.3 million, reflecting a 23.25% decrease compared to the same period last year. Iran's exports to the U.S. were also reported at $46.7 million, showing a 34% decline. The mentioned statistics indicate that trade between Iran and the U.S. has decreased by approximately 27% since the inauguration of Donald Trump's administration in January of this year. Last year's trade between Iran and the U.S. was around $260 million, two-thirds of which consisted of U.S. goods exported to Iran. The U.S. primarily exports agricultural and medical products to Iran, while Iran's traditional exports to the U.S. include carpets and pistachios. The Iranian Customs also published an overview of the trade for the first seven months of the Iranian year 1396 last Tuesday. According to this report, during the first seven months of the current year, various goods worth $27.817 billion were imported into the country, representing an almost 15% increase compared to the same period last year. The main imported goods in Iran were agricultural products and automotive parts or vehicles. The major exporting countries to Iran during this period included China with $6.82 billion, the United Arab Emirates with $4.678 billion, Turkey with $1.933 billion, South Korea with $1.844 billion, and Germany with $1.540 billion. Despite the 15% increase in imports, Iran's non-oil exports also reached $24.710 billion in the first seven months of the current year, which is a decrease of about 2.2% compared to the same period last year. The main exported goods from Iran included gas condensates, propane, butane, and petrochemical products. Iran considers many crude oil products as part of its non-oil export basket. The main buyers of Iranian goods in the first seven months of the current year were China worth $5.022 billion, Iraq with $4.013 billion, the United Arab Emirates with $3.471 billion, South Korea with $2.444 billion, and Afghanistan with $1.584 billion.