Iranian official rejects claims on spending $700B to import Chinese products

Business Materials 28 April 2015 17:20 (UTC +04:00)

Baku, Azerbaijan, Apr. 28

By Fatih Karimov - Trend: Majid Reza Hariri, the vice chairman of the Iran-China Joint Chamber of Commerce, rejected comments of Eshaq Jahangiri, the Iranian First Vice President, who claimed Iran has imported $700 billion worth of Chinese products during the administration of former president Mahmoud Ahmadinejad.

"The importation of $700 billion worth of Chinese products was untrue, because the then administration's total oil revenue was around $700 billion," Iran 's Mehr news agency quoted Hariri as saying April 28.

The lion's share of the $700 billion revenue was used to implement development projects, and a portion of it was used to pay financial facilities, he explained.

Reports of the Customs Administration clearly show that Iran imported mainly machinery for steel factories, he said, adding that less than $5 billion of consumer goods were imported from China.

China was the leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.

Iran exported $9.15 billion of non-oil goods to China and imported $12.56 billion of non-oil goods from the country.

Edited by CN