Trade between Iran, China amounts to USD6B in 5 months
Date
6/23/2024 5:42:19 AM
(MENAFN) China's Customs Office has disclosed the trade statistics between Iran and China for the initial five months of 2024, indicating a total bilateral trade volume of approximately USD6.0 billion. This figure reflects a notable decrease of nine percent compared to the same period in 2023, when trade stood at USD6.5 billion. The report underscores China's imports from Iran during this period, amounting to USD1.8 billion, which marks a five percent decline from the previous year's USD1.9 billion.
Conversely, China's exports to Iran from January to May 2024 amounted to USD4.1 billion, demonstrating a ten percent decrease compared to USD4.6 billion recorded in the corresponding months of 2023. Specifically, in May 2024 alone, China imported goods worth USD245 million from Iran while exporting goods valued at USD594 million to Iran, highlighting the ongoing trade dynamics between the two nations.
Earlier data released by China Customs for the first quarter of 2024 indicated that Iran-China trade surpassed USD4.0 billion. Specifically, from January to March 2024, bilateral trade reached USD4.2 billion, showing a marginal increase of one percent compared to the same period in the previous year.
The overall decline in trade figures between Iran and China in 2024 suggests evolving economic dynamics influenced by various factors, including geopolitical developments and global economic conditions. Despite the decrease in trade volume, both countries continue to navigate their economic relations amidst fluctuating international landscapes and regional challenges.
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