Balance crumbles, as Iran's export to China drops, imports increase

Business Materials 27 May 2020 17:22 (UTC +04:00)
Balance crumbles, as Iran's export to China drops, imports increase



Iran's exports to China have dropped by 50 percent in the first four months of the current Iranian year (began March 20,2020) while import has grown 3.5 percent comparing to previous year, said Head of Iran and China Chamber of Commerce Majid Reza Hariri.

"Statistics for the past three months indicate that Iran and China's trade has dropped by 34 percent. The global trade has suffered from the coronavirus spread," said Hariri, Trend reports citing ILNA.

"The global commodity prices, including copper and metal, have dropped due to production lines closure, thanks to COVID-19," he said.

"Meanwhile, Iran is facing sanctions and lack of possibility for oil sales. So, due to this and drop of oil prices, our sales have dropped by less than 10 percent," he added.

"China shares around 40 percent of Iran's oil export, valued at more than $10 billion per year, therefore if the oil trade is reduced to the minimum, it would significantly affect the ties between the two countries," he said.

Iran continues to monitor the coronavirus situation in the country. According to recent reports from the Iranian officials, over 141,500 people have been infected 7,564 people have already died. Meanwhile, over 111,100 have reportedly recovered from the disease.

The country continues to apply strict measures to contain the further spread. Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease.

The Islamic Republic only announced its first infections and deaths from the coronavirus on Feb. 19.