Iran’s exports to China was $6.4 billion, falling 15 percent year-on-year, while its imports from that country stood at $7 billion, dropping 14.7 percent, tccima.ir reported.
According to figures released by the General Administration of Customs of the People’s Republic of China, Iran’s trade with its top trading partner, China, stood at about $11.2 billion during January to September 2020, registering a 38.5 percent decline compared to the same period in 2019.
Iran-China trade in the January-September period of 2019 exceeded $18.2 billion.
According to the data, both China’s exports to and imports from Iran have decreased in the first nine months of 2020, but the decline in Chinese imports from Iran has been much greater than China’s exports to Iran.
Iran and China have had a long history of cultural, political, and economic exchanges along the Silk Road since at least 200 BC. To this day, China and Iran have developed a friendly economic and strategic partnership.
However, in the current Iranian year, the trade between the two countries experienced a significant decline mainly due to the negative impacts of the coronavirus pandemic and also the US sanctions on Iran’s oil industry.
Approximately 80 percent of China’s total imports from Iran are oil and the rest are mineral and chemical products.