Iran-China trade exceeds US$5 billion in four months

The value of trade between Iran and China reached US$5.23 billion in the first four months of 2023, according to the data released by China’s customs administration.

The four-month trade between the two countries increased by 4% as the figure was US$5.02 billion in the first four months of 2022.

As reported, Iran’s exports to China during the period under review faced a 39% decrease as compared to the same period last year and reached US$1.52 billion. In the same period last year, China imported US$2.49 billion of goods from Iran.

During this period, China's exports to Iran increased by 46% to US$3.71 billion. China exported US$2.53 billion worth of commodities to Iran during January-April last year.

According to the data previously released by China’s customs administration, the value of trade between Iran and China increased by 7% in 2022 as compared to the previous year.

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

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

The value of Iran’s non-oil exports to China registered 2%decrease in 2022, reaching US$6.355 billion. Iran exported US$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%. China’s trade with the world reached $6.308 trillion in 2022, of which US$3.593 trillion was the share of the country's exports and US$2.715 trillion was related to imports. China's global trade grew by 4.4% 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.