Iran’s exports to China
Iran has recorded a big blow to its exports to China in the first six months of the calendar year 2023. In percentage, Iranian exports to China plunged 68% this year. Meanwhile, China’s exports to Iran surged 40% in the first six months of 2023.
According to the latest data of China’s customs administration, Iran’s exports totaled $1.9 million during the period, 68% down year-on-year decrease.
In return, China exported $4.6 billion worth of goods to Iran, marking a 40 percent rise as compared to the previous year’s same six months.
Both countries traded $6.5 billion goods in six months of 2023, Tehran Times reported today.
The six-month trade between China and Iran, nonetheless, did not reflect any major change in comparison to the figure for the same period in the previous year.
The value of exchanges between the two countries was reported to be $6.47 billion in January-May 2022.
Bilateral trade hit $1.27 billion in May 2023 with Iran’s exports at $377 million and imports at $893 million which shows a 46 percent decrease in export and a 20 percent increase in imports compared to the corresponding period in 2022.
China is one of Iran’s main trade partners that has maintained strong trade ties with the Islamic Republic despite the strict U.S. sanctions.
Iran and China officially signed a document for 25-year comprehensive cooperation in March 2021.
The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.
Back in December 2022, Iran and China finalized 16 memorandums of understanding (MOU) under the framework of the two countries’ strategic 25-year agreement.
The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.
The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.
