UAE imports to Iran drop as China's grow

Business Materials 8 April 2012 12:41 (UTC +04:00)

Azerbaijan, Baku, April 8 / Trend M. Moezzi /

As Iran's imports from the United Arab Emirates (UAE) dropped by $1.5 billion, imports from China increased by about $2 billion, the Iranian Students' News Agency (ISNA) reported on Sunday.

The figure reflects the prohibition on Iranians obtaining credit in the UAE as a result of international sanctions against Iran.

In 2010/2011, Iran imported $21.1 billion in goods from its Persian Gulf neighbor. In 2011/2012 imports from the UAE totaled $19.7 billion.

At the same time, imports from China are climbing. Last Iranian year (Iran's solar year ended on March 19) Chinese imports were valued at $7.4 billion compared to the $5.8 billion from the year before.

So far, Iran's exports to the UAE haven't been affected by international sanctions. In 2011/2012 Iran's exports to the UAE totaled $4.5 billion compared to $3.3 billion the year before.

The U.S and EU have ratcheted up sanctions against Iran's oil industry and its central bank, making it very tough for Iran to send or receive funds internationally.

The West's measures are part of an effort to make Iran answer questions about its nuclear program which it says is peaceful and civilian in nature while the U.S. and its allies contend it is not.