In the midst of the most contentious period of U.S.-Iran relations, suddenly trade between the two countries has risen sharply.
US exports to Iran in August 2018 stood at $149.8 million, equal to the whole export value of 2017.
The August export value is the highest monthly U.S. export figure to the Islamic Republic since 1985 (except October 2008 when it reached $160.5 million), according to statistics released by the U.S. Census Bureau on Oct.6.
US exports to Iran during January-August tripled year-on-year and reached $245.1 million. Imports from Iran also increased by 71% to $67.3 million. Soaring exports in August happened, while Washington imposed the first round of sanctions on Tehran in mid-August, targeting mostly the industrial and financial sectors.
U.S. exports to Iran (million $)
Iran’s exports mostly include Persian carpets, dried fruit, pistachios, etc. It imports mostly medical equipment, pharmaceuticals, and agricultural products from the United States.
Washington imposed sanctions on imports of Persian carpets from Iran two months ago.
US official statistics show a widening foreign trade deficit despite recently imposed tariffs on goods from some countries, especially China to support domestic production, employment and exports.
The eight months figures indicate that the country exported above $1.676 trillion worth goods and services, which grew about 8.4% year-on-year, but the imports surpassed $2 trillion, creating a trade deficit of $391 billion. The deficit increased by $31 billion, compared to Jan-Aug 2017.
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