Trade Between Iran and the U.S. Has Increased by 80% Over Seven Months

Official U.S. statistics indicate an increase in trade with Iran during July. The total trade over seven months between the two countries has reached $155.5 million, marking an 80% increase compared to the same period last year. Approximately 40% of the total bilateral trade between Iran and the U.S. in the past seven months occurred in July, which is six times higher than July of last year. On May 8, Donald Trump announced the U.S. withdrawal from the JCPOA and stated that sanctions against Iran would be reinstated. The first round of sanctions, which included industrial and financial sectors, was implemented in mid-August, while the second round targeting Iranian oil exports is set to take effect on November 4. Meanwhile, the U.S. Census Bureau released a monthly trade report with Iran on September 6, showing that since the U.S. withdrawal from the JCPOA, trade between the two countries has not only not decreased but has increased due to relative gains in May and June, as well as a significant jump in July. From May to July, the U.S. exported $50.3 million worth of goods to Iran, which is nearly 2.5 times higher than the same period last year. Iran's exports to the U.S. during these three months were about $37.7 million, nearly four times higher than the same period last year. The U.S. primarily exports medical supplies, pharmaceuticals, and agricultural products to Iran, while traditional Iranian exports to the U.S. include pistachios, carpets, and dried fruits. Recently, the U.S. also added Iranian carpets to its sanctions list. The U.S. Census Bureau has not published details of bilateral trade with Iran, but it appears that traders from both countries have attempted to buy and import as many goods as possible before the new round of sanctions begins, resulting in a significant surge in bilateral trade in July, just one month before the first round of U.S. sanctions was implemented.