Iran-China Trade Falls to USD2.098 Billion in First Two Months of 2023

(MENAFN) The value of trade between Iran and China in the first two months of 2023 was USD2.098 billion, according to data released by China's customs administration. This figure represents a 17 percent decrease compared to the first two months of 2022, which saw trade between the two countries reach USD2.536 billion, as reported by IRNA. However, the value of trade between Iran and China increased by seven percent in 2022, reaching USD15.795 billion, which was USD1.035 billion more than the previous year.

While China's exports to Iran increased by 14 percent in the period under review, reaching USD9.44 billion, the value of Iran's non-oil exports to China decreased by two percent, reaching USD6.355 billion. In 2021, Iran's non-oil exports to China were valued at USD6.502 billion. China's total global trade in 2022 reached USD6.308 trillion, with exports accounting for USD3.593 trillion and imports for USD2.715 trillion. China's global trade grew by 4.4 percent last year, and Iran's share of China's total global trade was only 0.25 percent.

China remains one of Iran's main trade partners, despite the strict U.S. sanctions. In March 2021, Iran and China signed a 25-year comprehensive cooperation agreement, which was finalized in December 2022 with the signing of 16 memorandums of understanding. The MOUs were signed in an Iran-China comprehensive cooperation program summit, which aimed to pave the way for the implementation of the 25-year agreement.

The decline in Iran-China trade in the first two months of 2023 may be attributed to a number of factors, including the ongoing COVID-19 pandemic and the impact of U.S. sanctions on Iran's economy. However, the long-term outlook for Iran-China trade remains positive, with the implementation of the 25-year agreement expected to lead to increased economic cooperation between the two countries. As Iran seeks to diversify its economy and reduce its reliance on oil exports, trade with China is likely to play an increasingly important role in the country's economic development.



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