Trade value between Iran, China rises to over USD4.0B Q1 2024

(MENAFN) According to recent announcements by China Customs, trade between Iran and China reached a value of over USD4.0 billion in the first quarter of 2024. Specifically, trade exchanges totaled USD4.2 billion during this period, marking a slight increase of one percent compared to the same timeframe in the previous year, where exchanges amounted to USD3.9 billion.

China's exports to Iran amounted to USD2.7 billion, while imports from Iran totaled over USD1.2 billion from January to March 2024. Although there was a three percent decrease in exports from China to Iran, imports from Iran saw a significant 10 percent year-over-year increase.

Analysts speculate that China's imports from Iran could potentially be higher than officially reported, especially considering that purchases of Iranian oil by Chinese refiners are not reflected in the country's import statistics from Iran.

In 2023, trade between Iran and China exceeded USD14.6 billion, marking a decline of 6.2 percent compared to 2022 when trade stood at USD15.5 billion. Despite the slight decrease, the two countries maintained a substantial volume of trade throughout the year.

Notably, Iran experienced a notable 30-percent growth in exports to China in December 2023 compared to the same period in the previous year. China's exports to Iran in 2023 amounted to USD10.70 billion, reflecting an 8.6 percent growth compared to the previous year's total of USD9.270 billion.

Overall, the trade relationship between Iran and China remains robust, with fluctuations in trade volumes influenced by various economic factors and geopolitical dynamics impacting both countries.

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