Korea's exports to Iran significantly dwindled in August as the U.S. tightened sanctions against the Islamic Republic.

According to the Ministry of Knowledge Economy on Thursday, exports to Iran stood at US$135 million from Aug. 1 to 20, about half the $364 million in July, when the sanctions kicked in.

Exports to Iran had consistently increased in the first half of this year from $367 million in January to $459 million in June.