Iran-U.S. Trade Falls to Lowest Level Since 2000

The U.S. Census Bureau reported on Thursday, March 28, that Iran's exports to the U.S. reached zero in January, while U.S. exports to the Islamic Republic plummeted to $4.5 million, the lowest level since March 2013. Overall, bilateral trade between Iran and the U.S. in January 2019 hit its lowest point since 2000. Mid-last year, U.S. exports to Iran peaked, but declined by the end of the year. Iran's exports to the U.S. also fell to zero in September 2018, but there were small monthly exports (totaling $600,000) until the end of the year. The U.S. withdrew from the JCPOA in May last year and implemented sanctions against Iran in the second half of the year. Iran's trade volume with all major trading partners, especially oil customers, has been affected by sanctions. Iran currently exports oil to five countries: China, India, Japan, South Korea, and Turkey. The latest trade statistics from these countries indicate turmoil in bilateral trade with Iran at the beginning of 2019. China: China is Iran's largest trading partner and the main importer of its oil. The latest customs statistics from China show that in January and February 2019, the country exported a total of $428 million to Iran, a 65% decrease compared to the same period last year. China's imports from Iran also amounted to $2.32 billion (all statistics in this report include Iran's crude oil exports), reflecting a 34% decrease compared to the first two months of 2018. India: India is Iran's second-largest oil customer. The latest statistics from the Indian Ministry of Economy indicate that India's imports from Iran in January 2019 decreased by more than 30% compared to the same month last year, reaching $718 million, while India's exports to Iran increased by over 64% to $332 million. South Korea: The latest customs statistics from South Korea indicate that the country had only $34 million in exports and $580 million in imports from Iran in January. Customs statistics did not mention changes in trade volume compared to January 2018, but the average monthly exports from South Korea to Iran in 2018 were about $190 million, and the average imports from Iran were $333 million. Meanwhile, both exports and imports from South Korea to Iran in 2018 were halved compared to 2017. Japan: Japanese customs statistics show that the country's exports to Iran in January and February 2019 totaled just over $4 million, while this figure was around $83.5 million in the first two months of 2018. Japan's imports from Iran in the first two months of the year also reached $134 million, down from $668 million in the same period last year. Turkey: According to the latest report from the Turkish Statistical Institute, Turkey's exports to Iran in January reached $191 million, a decrease of about 27% compared to January 2018. Turkey's imports from Iran also fell by 28% to $485 million in the first month of the year. Sources: U.S. and Turkish Statistical Institutes, Indian Ministry of Economy, Customs of China, Japan, and South Korea.