Economy, Domestic Economy

Iran-US Trade Minimal

Iran-US Trade Minimal Iran-US Trade Minimal

While Iran’s trade balance with the United States is negative, commodities like raisins, carpets, and saffron are exported to the US and, on the other hand, medical supplements, bovine semen, yachts, and distilled water among others are imported, Eghtesad news reported.

Iran and the US have had no diplomatic ties since 1979. However, bilateral trade has been going on between the two sides with certain limits. According to Iran Custom Administration’s latest report, Iran imported about $110 million worth of goods from the US over the past nine months, which indicates a 27.45 percent increase compared to the same period last year (Iran’s fiscal year ends on March 20).

Trade transactions between Iran and the US presently stand at their lowest level due to draconian   sanctions imposed on Iran over its nuclear energy program. However, the two countries’ private sectors have tried their best to maintain minimum trade relations.

Merchants from both sides have on several occasions called for the establishment of Iran-US Joint Chamber of Commerce, to no avail.