News ID: 234049
Published: 0354 GMT November 10, 2018

US soybean exporters turn to Iran

US soybean exporters turn to Iran

Forced to look for other buyers for its stockpiles of soybeans, US soybean exporters have turned to Iran.

While the US has imposed tough sanctions on Iranian banking, energy and shipping sectors, these do not apply to agricultural commodities.

According to Bloomberg, 873,420 tons of US-grown soybeans worth about $211 million have already been shipped to Iran this year.

Last year, the US shipped $25.7 million in soybeans to Iran.

While no soybeans were sold to Iran in the first half of 2018, according to the Wall Street Journal, in August the US shipped soybeans valued at $140 million to Iran and in September it shipped another $44 million.

According to US Census Bureau data, US exports to Iran through September 2018 hit $300.3 million — already double the $136 million exported to Iran last year.

In July, the White House announced that it would be extending $12 billion in emergency aid to farmers hit by foreign tariffs. Other agricultural exports including sorghum have also been negatively impacted by these tariffs.

President Donald Trump has frequently praised his tariffs, even going so far as to call tariffs in general the 'greatest'.

Tariffs have caused US soybean exports to China to almost completely dry up.

In retaliation for Trump administration tariffs on Chinese goods, China imposed tariffs on $34 billion worth of imports from the US including soybeans.

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