Iran-China trade crossed $15b in 2022

The trade between Iran and China topped $15 billion in 2022, indicating a seven percent growth compared to corresponding figure for 2021.

According to statistics released by the General Administration of Customs of China, the two countries traded $15.798 worth of goods during 2022, while the figure was $14.78 billion in 2021, IRNA reported.

China exported $9.44 billion worth of goods to Iran during the past year, 14 percent more than the opposite figure of 2021 which was $8.258 billion.

The East Asian country imported goods valued at $6.355 billion in 2022, while the corresponding figure for 2021 was $6.502 billion.

Beijing has long sought to boost ties with Tehran, with President Xi Jinping describing Iran as “China’s major partner in the Middle East” on a rare visit to the country in 2016.

In 2021, the two countries signed a landmark agreement in defiance of unilateral US sanctions to strengthen long-standing economic and political alliance.

The deal officially documents the Sino-Iranian Comprehensive Strategic Partnership that had been announced during a visit by President Xi to boost economic cooperation between the two countries for the next 25 years, and paves the way for Iran’s participation in the Belt and Road Initiative, a massive infrastructure project stretching from East Asia to Europe.

The deal allows China to commit to hundreds of billions of dollars in investment in various sectors of the Iranian economy. Iran, in return, will commit to provide China with a stable supply of energy over the next 25 years.

China has dismissed a US request to cut oil imports from the Islamic Republic, saying Beijing-Tehran economic and trade cooperation has always been conducted within the framework of international law.