Iran-US Bilateral Trade Cut by over Half in 6 Months, Report says
TEHRAN (Tasnim) – The value of bilateral trade between Iran and the United States in the first six months of 2019 reduced by more than half compared to a year earlier, according to the latest data released by the US Census Bureau.
The bilateral trade between the Islamic Republic and the US from January to June amounted to $42.5 million, showing a 57% decrease, compared to the same period last year, the data showed.
The trade transactions between the two countries in the first six months of 2018 had amounted to $99.4 million, according to the report.
The data also showed that US exports to Iran from January to June this year have reached $41.5 million, indicating a drop of 33 percent compared to the same period last year.
From January to June 2018, the United States had exported $62.3 million worth of goods to Iran, according to the data.
The report comes against the backdrop of increased tensions between Iran and the US with Washington imposing new sanctions against the Islamic Republic.
The US has ratcheted up pressure on Iran since last year after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).
Since then, the administration of US President Donald Trump is trying to reduce Iran’s oil exports to “zero,” and has sent an aircraft carrier strike group, a bomber squad, an amphibious assault ship, and a Patriot missile battery to the Middle East to try to stack up pressure on Tehran.
Iranian officials, however, have dismissed such moves as psychological warfare, saying the country has its own ways of circumventing the American bans and selling crude oil.