TEHRAN- Iran exported non-oil commodities valued at $3.5 billion to China during the first three months of the current Iranian calendar year (March 21-June 21), the Islamic Republic of Iran Customs Administration (IRICA) announced.

As reported, China was the top export destination of Iranian non-oil goods in the mentioned three-month period.

The IRICA also announced that exporting non-oil goods worth $4 billion to Iran, China was Iran’s second source of import in the first three months of this year.

According to the data released by China’s customs administration, the value of Iran's economic exchanges with its leading trade partner, China, reached $6.5 billion during the first sixth months of 2023.

Based on the released data, the six-month trade between the two countries has not changed significantly 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 $6.470 billion in January-May 2022.

Latest data released by China’s customs administration show Iran’s exports totaled $1.9 million during the period, indicating a 68 percent year-on-year decrease.

In return, China exported $4.6 billion worth of goods to Iran, registering a 40 percent rise as compared to the previous year’s same six months.

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.

According to the data previously released by China’s customs administration, the value of trade between Iran and China increased by seven percent in 2022 compared to the previous year.

Based on China’s customs data, the Islamic Republic and China traded $15.795 billion worth of commodities in 2022, $1.035 billion more than the figure for 2021.

As reported, China's exports to Iran grew by 14 percent in the period under review compared to the preceding year to reach $9.44 billion. The Asian country exported $8.258 billion worth of goods to Iran in 2021.

The value of Iran’s non-oil exports to China, however, registered a two-percent decrease in 2022, reaching $6.355 billion. Iran exported $6.502 billion worth of goods to China in 2021.

Iran's share of China's total global trade last year was only 0.25 percent. China’s trade with the world reached $6.308 trillion in 2022, of which $3.593 trillion was the share of the country's exports and $2.715 trillion was related to imports. China's global trade grew by 4.4 percent last year.

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.

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.

Back in early April, the Chinese ambassador to Tehran said this year is a good year for Iran-China relations.

Chang Hua made the remarks in a meeting with the members of the Iran-China Joint Chamber of Commerce and a number of Iranian traders and businessmen, who conduct trade with China, held at the place of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) in Tehran.

Referring to China's growing economy, the envoy said this year is a good year for Iran-China relations, adding that during the meeting between the leaders of the two countries, important agreements were made, including the implementation of the 25-year cooperation agreement between the two countries, and a number of bilateral cooperation documents were signed in the fields of agriculture, tourism, culture, relief, and rescue, etc.

Majid-Reza Hariri, the head of the Iran-China Joint Chamber, also emphasized the desire of Iran's private sector to develop business relations with China and said there are obstacles in this direction. Among other things, issuing visas for Iranian businessmen, especially for their presence at trade fairs in China, is associated with problems, and facilitating it will definitely help the development of relations between the two sides.

MA

Highlight: Value of trade between Iran and China increased by seven percent in 2022.