According to Associated Press analysis, Iran has showed more interest for US goods during the first four months of Obama Administration by doubling its imports from the same period of the previous year. The analysis of US government trade data compiled by the World Institute for Strategic Economic Research indicated US exports to Iran reached $96mn during January to April this year from the same period figures of $51mn and $27mn of 2008 and 2007 respectively.
It should be noted that despite the three-decade old sanctions in effect, during the Bush administration, since 2001 the US has exported goods worth $546mn to Iran till 2007 until it dwindled down last year. In comparison to $8.3mn of Bush’s first year of the first term in 2001, the US exported goods valued at $146mn in 2007 to record a tenfold growth in exports to Iran. Under the US sanctions, only exporting of goods pertaining to basic humanitarian needs such as medical supplies and food items are allowed.
Going by the Obama’s soft diplomatic stance on the dispute over the re-election of Ahmadinejad as the president of Iran and the ongoing unrest one has to assume that the new US administration does not want to tamper with their business opportunities anywhere in the world. Though the trade with Iran is of negligible amount as compared to its chief trading partners, the US is well aware of the fact there are several countries more than willing to do business with Iran. Moreover, it does not make business sense as it is common for Iran and other sanctioned countries to use trans-shipment points such as the UAE to obtain US goods undetected.
China with $8bn, Germany with $5.7bn, Italy with $3.2bn, France with $2.6bn and Japan with $1.9bn are major exporters to Iran. Exports from the US were largely agricultural products and medical supplies, but brassieres, fur clothing, sculptures, perfume, musical instruments and military apparel were also other merchandise which found their way to Iran. However, a sizeable decrease in cigarette exports, a major product of export from the US to Iran in the last decade has been witnessed owing to the increased presence of the American cigarette companies in Iran and Turkey.
Toboc Trade News