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Iran-P5+1 Trade Continues Despite Sanctions

Iran-P5+1 Trade Continues Despite Sanctions Iran-P5+1 Trade Continues Despite Sanctions

Trade between Iran and the P5+1 – the US, Britain, Germany, France, Russia, and China – continues as the two sides are involved in serious negotiations over Tehran’s nuclear energy program.

The trade comes as sanctions have intensified since 2010 against Iran, forcing the country to reduce business interactions with world nations. 

According to the data released by Iran’s Customs Administration, the country imported $6,651 billion in value from the P5+1 nations in the first five months of the current year, starting March 21. The figure constitutes 30.26 percent of total imports that valued at $21,056 billion. Iran exported to the same countries $41 billion in value, which is 29.88 percent of total exports worth $13,760 billion, in the same period. 

Iran and the P5+1 reached an interim deal in Geneva in November 2013, an agreement which was extended for another four months until November this year, in hopes that the two sides reach a comprehensive deal. 

It is hoped that the removal of sanctions, a prospective outcome of a major deal, would lighten the prospect of Iran’s trade with the world. 

The above tables outline the total value of goods imported from P5+1 countries as well as the total value of goods exported to those nations in the first five months of the current year.

Financialtribune.com