China - biggest importer and exporter from/to Iran

Business Materials 15 February 2019 11:45 (UTC +04:00)

Tehran, Iran, Feb.15


Deputy Head of Iran-China Chamber of Commerce spoke about the joint Iranian-Chinese fund for financial transactions during the US sanctions period.

“Talks on a special fund with China are part of the responsibilities of the Central Bank and the Foreign Ministry; the Chamber of Commerce of Iran and China are not engaged in such talks which are considered political and economic talks between the two governments,” the Deputy Head of Iran-China Chamber of Commerce Majidreza Hariri told Trend.

Referring the status of Iran-China trade exchanges, he says that it has grown by 12 percent in 2018, compared to 2017.

The statistics for the first ten months of this Iranian year (Started on March21, 2019) show that China is also Iran's first non-oil export partner, and is the largest buyer of Iran's oil, he said.

Pointing to the amount of oil which Iran is exporting now, Hariri said that of 1.2 million barrels that Iran currently sells, some 400,000 barrels account for China.

“China also accounts for 25 percent of our non-oil exports. Our biggest oil buyer is China, and it's the largest country we import from,” he said.

“In case with export, China is our first partner and our second partner in Iraq,” he added.

Referring to Iran-China's banking exchanges, he said that Iran currently doesn't work with commercial banks anywhere in the world, but added that Iran has funds in different countries that it works with.

"In India, UCO Bank is Iran's financial partner, and in China, the Kunlun Bank is our partner," Hariri said.

“Currently, one or two banks in each country work with us in bilateral contracts, but we are not in the global banking cycle,” Hariri noted.