Trade between Iran, US surges twofold in January-March 2024

(MENAFN) Official data from the United States reveals a notable surge in trade with the Islamic Republic of Iran, with trade volume doubling and growing by over 100 percent in the first quarter of the current year. According to reports by IRNA, the U.S. Bureau of Statistics' latest findings indicate that trade between the two nations reached USD27.7 million during the initial three months of 2024, marking a substantial 103 percent increase compared to the corresponding period in the previous year.

This significant uptick follows a trend of consistent growth in bilateral trade observed over the past year, with an eight percent increase recorded in 2023, culminating in a total trade volume of USD61.2 million. Notably, the trade balance continues to favor the United States, with its exports to Iran surging by 77 percent during the first quarter of 2024, totaling USD23.8 million, up from USD13.4 million in the same period last year.

Conversely, Iran's imports to the United States experienced a remarkable twentyfold increase, reaching USD3.9 million in the first quarter of 2024, compared to a mere USD0.2 million during the same period in 2023. While the absolute figures demonstrate a notable growth trajectory, it's important to note that the volume of trade between Iran and the U.S. remains relatively modest in comparison to their overall trade relations with the rest of the world. Iran currently ranks 152nd among the export destinations of the United States.

Despite its modest scale, the significant increase in bilateral trade underscores a potential shift in economic dynamics between the two countries and highlights the evolving nature of their trade relationship amidst changing geopolitical landscapes.



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