During the first five months of 2020, the value of trade between Iran and the US has plunged 51 percent, compared to the same period of time in the past year.
During the five-month period of this year, the Iran-US trade stood at $20 million. During the same period, Iran's imports from the US stood at $17.1 million. The Iran-US trade amounted to $74.5 million in 2019 and registered an 84.97-percent decline compared to the year before.
Trade between the two countries in 2018 increased by 155 percent from 2017. The bilateral trade has fallen drastically after the re-imposition of the US economic and energy sanctions on Iran at the end of 2018.
Iran has been adopting a number of strategies to nullify the sanctions while the US has re-imposed sanctions on the Iranian economy. Among the strategies are strengthening domestic production to reach more and more self-reliance and boosting non-oil exports, especially to the neighboring countries. The current Iranian calendar year is the year of “Surge in Production”, highlighting the significance of production status in the country.
