Iran reports huge rise in exports to US
The latest official figures show that there has been a whopping rise in Iran’s exports to the United States in the second quarter of 2016.
Figures released by Iran’s Customs Administration show that Iran exported Rials 300 billion (about $8 million) to the US over the period. The figure marks an 80-fold increase compared to the same period last year when it stood at only Rials 3.8 billion ($0.1 million).
The total weight of Iran’s exports to the US has been registered at above 250 tons and the main products have been cited as wool carpet floorings and food products.
The value of Iran’s imports over the same period stood at Rials 430 billion ($12 million). The weight of the imports has also been registered at 2,500 tons.
The main items imported are food supplements, wood paste, and livestock feed.
The weight of last year’s exports of Iran to the US over the second quarter of 2015 stood at 24 tons at a total value of Rials 870 billion ($1 million). The imports over the same period weighed 9,000 tons with a total value of Rials 870 billion ($24 million).
Iran’s Customs Administration has announced that the balance of trade between Iran and the US is negative by Rials 110 billion ($3 million).
Earlier, figures previously released by the US Department of Commerce showed that the collective level of trade between the two countries dropped by 17 percent in the first half of 2016.
The overall level of trade between the two countries over the same period last year stood at above $112 million. This, however, has now dropped to as low as $93.1 million over the period which is specifically marked by the removal of sanctions against Iran in January.