Iran's commercial transaction with China on decline

Business Materials 8 July 2021 09:47 (UTC +04:00)
Iran's commercial transaction with China on decline

TEHRAN, Iran, July 8


Iran's commercial transaction with China has declined in first five months of 2021, compared to same time in 2020, Deputy Head of Iran-China Joint Chamber of Commerce Majid Reza Hariri told Trend in an interview.

"The commercial transaction between the two countries has declined 7 percent in 2021 compared to first five months of 2020," he said.

"The reason for this decline is that Iran is not capable to sell oil due to sanctions and it's oil export has reduced. Therefore there is no money in Chinese banks for Iran to purchase commodities and so the import is also declining," he said.

"Major part of Iran's resources is supplied thanks to oil export revenues and if the country can not sell oil then imports would be going down, and this in turn affects import of necessary commodities," Hariri said.

He went on to add that the trade relations aren't stable due to COVID-19, and due to travel restrictions to China.

"Depending on each trading region, there are quarantine restrictions in hotel rooms between two to three weeks and no businessman would travel due to this," he said. "So, the travel numbers are down."