Iran-China 5-month trade rises 18% yr/yr

June 25, 2022 - 15:51

TEHRAN - The value of non-oil trade between Iran and China reached $6.472 billion in the first five months of 2022 to register an 18-percent rise year on year, according to the data released by China’s customs administration.

The value of trade between the two countries in January-May 2021 stood at $5.481 billion, IRNA reported.

Based on the mentioned data, China's imports from Iran in the first five months of 2022 grew by 26 percent compared to the previous year and reached $3.192 billion. China had imported $2.535 billion worth of goods from Iran in the same period of 2021.

China's exports to Iran in January-May 2022 also increased by 11 percent to reach $3.280 billion from $2.946 billion in the previous year’s same period.

According to the report, China imported $703 million worth of goods from Iran in May and exported $744 million worth of goods to Iran. China's imports from Iran increased by 27 percent in the said month and its exports to Iran grew by 24 percent compared to May 2021.

Iran-China non-oil trade stood at $14.8 billion in 2021, according to China’s customs administration.

The value of trade between the two countries during the previous year declined by less than one percent in comparison to 2020 in which the figure was reported to be $14.9 billion.

China's imports from Iran in 2021 grew by more than one percent compared to the previous year and reached $6.5 billion. China had imported $6.4 billion worth of goods from Iran in 2020.

However, China's exports to Iran in January-December 2021 fell by about two percent to $8.3 billion from $8.5 billion in the previous year.

Iran mainly exports foodstuff and agricultural products to China while importing machinery and industrial raw materials, medical equipment, fabrics, and auto parts.

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 the 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.

EF/

Leave a Comment

0 + 0 =