Trade between Iran, U.S. Shows Significant Increase in Value
(MENAFN) According to the American Statistical Association (ASA), the value of trade between Iran and the U.S. rose by 35 percent to USD9.6 million in the first two months of 2023, compared to USD7.1 million in 2022. During this period, the U.S. exported commodities worth USD9.5 million to Iran, an increase of 35 percent compared to the previous year. However, Iran's export to the U.S. remained unchanged at USD100,000 during January-February 2023.
The value of Iran's export to the U.S. increased by nine-fold in 2022, as previously announced by the ASA. In the past year, the Islamic Republic exported goods worth USD11.2 million to the U.S., compared to only USD1.2 million in 2021. The value of trade between the two countries rose to USD56.7 million in 2022, a 40 percent increase from the previous year.
Furthermore, the ASA data shows that the value of U.S. export to Iran increased by 16 percent to USD45.5 million in the January-December 2022 period, up from USD39.3 million in the previous year. In 2021, Iran was ranked 175th among U.S. export destinations and 172nd among the country's top import sources.
The increase in trade between Iran and the U.S. is significant, especially in light of the sanctions imposed on Iran by the U.S. in recent years. Despite the challenges, both countries have found ways to continue trading, and the rise in trade value reflects the potential for further growth in the future.
Overall, the increase in trade value highlights the importance of trade relations between Iran and the U.S. and the potential for mutually beneficial economic cooperation in the future. As both countries work to navigate the challenges and opportunities presented by the global market, the growth of trade between Iran and the U.S. can contribute to the economic development of both nations.
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