2019/10/03

US exports to Iran soar to 10-year high in 2018 despite own sanctions

US exports to Iran hit more than 440 million dollars last year to reach its highest in the last 10 years while bilateral Europe-Iran commerce has taken a dip under reimposed US sanctions.

Latest data by the US Census Bureau shows the country exported 440.5 million dollars worth of goods to Iran in 2018 while it imported 67.9 million dollars from Iran. The US trade balance stood at 372.6 dollars, according to the figures. It’s the highest in the last decade.

US exports to Iran hit more than 440 million dollars last year to reach its highest in the last 10 years while bilateral Europe-Iran commerce has taken a dip under reimposed US sanctions.

Latest data by the US Census Bureau shows the country exported 440.5 million dollars worth of goods to Iran in 2018 while it imported 67.9 million dollars from Iran. The US trade balance stood at 372.6 dollars, according to the figures. It’s the highest in the last decade.

The data also contradict the US policy to pressure the European states to engage in trade with Iran through the newly-created Instrument in Support of Trade Exchanges (INSTEX). The issue was brought to attention by Miguel Berger, Director-General for Economic Affairs and Sustainable Development at German Federal Foreign Office.

“US trade with Iran has more than doubled in 2018, highest level in ten years. At the same time European companies are discouraged from trading with Iran,” he criticised in his tweet.

Berger has been chosen as a member of the Supervisory Board of the INSTEX that was created on the last day of January. The company has been registered at the French Economy Ministry address in Paris. German former banker Per Fishcer has also been chosen to head the firm British Permanent Under-Secretary  and Head of the Diplomatic Service at the Foreign and Commonwealth Office has also been set to head the Supervisory Board.

Trade between Iran and the 28 European Union member states declined by 66.02% year-on-year to stand at €679.55 million in November 2018, according to Financial Tribune. However, US exports to Iran increased during the same period, rising to nearly 26 million dollars from 11.8 million dollars year on year, US Census Bureau data show. 

 source: Iran Chamber of Commerce

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