China`s share of Iran global trade increased

Business Materials 16 August 2021 12:08 (UTC +04:00)
China`s share of Iran global trade increased

TEHRAN, Iran, Aug. 16


The head of the Iran-China Chamber of Commerce said the sanctions still remain, so lack of banking relations, but China`s share of Iran's global trade is increasing.

"Trade between Iran and China has been declining over the past three years," the head of Iran-China Chamber of Commerce Majidreza Hariri told Trend.

Referring to the significant amount of imports from China in previous years, he says that Iran`s imports from China were equal to $60 billion previously. At that time, Iran had $40 billion non-oil export to China.

China accounted for 20 percent of Iran`s total foreign trade in 2016.

Hariri noted that in 2020, China's share of the total foreign trade of Iran reached 26 percent adding that last year, Iran's total foreign trade was worth about $ 70 billion.

He went on to stress that China's share has risen from 20 percent to 26 percent, which shows that the number of trading partners is declining.

Referring to customs statistics, he said that at the end of 2020, the total trade with China was about $16 billion which is much lower than the bilateral trade in 2014, which was over $52 billion.