Iran-US bilateral trade drops by 21% in 9 months

Tasnim – The total value of bilateral trade between Iran and the US over the first nine months of 2017 has decreased by 21 percent, according to the latest data released by the US Census Bureau.

The bilateral trade between the Islamic Republic and the US from January to September amounted to $140 million, showing a 21% drop, compared to the same period last year, the data showed.

The trade transactions between the two countries in the first nine months of 2016 had amounted to $177.5 million, according to the report.

The data also showed that US exports to Iran from January to September this year have reached $93.3 million, indicating a drop of 18 percent compared to the same period in 2016.

From January to September 2016, the United States had exported $115 million worth of goods to Iran, according to the data.

The report comes against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16, 2016.

The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

However, Iranian officials have complained about the failure of the other side, especially the US, to fully implement the accord, as Iran still has problems in its banking transactions with other countries.