Iran Exports $8 Billion Worth Of Non-Oil Commodities To China In Seven Months

tendata blogTrade Trends News

ten data blog07-11-2023

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The head of the Islamic Republic of Iran's Customs Administration (IRICA) announced that Iran exported $8 billion worth of non-oil commodities to China in the first seven months of the Iranian calendar year (March 21-October 22), making it the largest export destination for Iran's non-oil commodities.

According to data previously released by China Customs, Iran's trade with China reached $8.54 billion in the first seven months of 2023, down 11% year-on-year.

The Asian country's exports of products to Iran reportedly accounted for $6 billion of the total trade.

From January to July 2023, China's exports to the Islamic Republic increased by 17% year-on-year. In addition, China imported $2.54 billion worth of products from Iran during these seven months, down 43% from the same period last year.

From January to July 2022, China exported $5.13 billion worth of products to Iran. According to Chinese customs, the trade surplus between the two countries reached $3.46 billion in favor of China during this period.

In the first six months of 2023, Iran's economic dealings with its main trading partner, China, were worth $6.5 billion.

According to data published by China's General Administration of Customs, the Islamic Republic's merchandise trade with China amounted to $15.795 billion in 2022, an increase of $1.035 billion over 2021.

China's exports to Iran reportedly increased by 14% over the previous year to $9.44 billion in the current reporting period.The Asian country exported $8.258 billion worth of goods to Iran in 2021.

However, Iran's non-oil exports to China declined by 2% to $6.355 billion in 2022.Iran exported $6.502 billion worth of goods to China in 2021.

Iran's share of China's total global trade last year was only 0.25%.In 2022, China's trade with the world amounted to $6.308 trillion, of which $3.593 trillion was exported and $2.715 trillion was imported. China's global trade grew by 4.4 percent last year.

China is one of Iran's major trading partners and maintains strong trade relations with the Islamic Republic of Iran despite severe sanctions imposed by the United States.

In March 2021, Iran and China officially signed a 25-year comprehensive cooperation document.

The document was signed by former Iranian Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 Memorandums of Understanding (MOUs) within the framework of the 25-year strategic agreement between the two countries.

The MOUs were signed at the Iran-China Comprehensive Cooperation Plan (CCP) Summit held in Tehran on December 13 in the presence of Iran's First Vice President Mohammad Mohbel and Chinese Vice Premier Hu Chunhua.

The summit focused on four areas explored by four committees of the two countries, aiming to pave the way for the implementation of the 25-year agreement.

Iran and China also signed 20 memorandums of understanding (MoUs) in the presence of the two presidents in Beijing in mid-February.

Iranian President Ebrahim Raisi led a high-level delegation on a three-day state visit to China that began on February 14th.

During President Leahy's visit to China, Tehran and Beijing signed a number of bilateral cooperation documents in the fields of agriculture, trade, tourism, environmental protection, health, disaster relief, culture and sports.

The documents include agreements in the fields of transportation and industry valued at $12 billion and $3.5 billion, respectively; they cover various joint projects such as a high-speed railroad between Tehran and Mashhad and investments in Imam Khomeini Airport City.

The document also mentions investments in Iran's southeastern Mokran coast and the purchase of Iranian oil.

Leahy's visit reflects the high level of mutual trust between Iran and China and is a milestone in the relations between the two countries.

The Iranian Minister of Finance and Economic Affairs announced that in mid-July, the agreements signed between Iran and China during President Raisi's visit to China in mid-February were transformed into concrete projects at a meeting of the Joint Cooperation Council of the two countries.

Ehsan Khandouzi left Tehran for Beijing on July 12 to attend the meeting of the Iran-China Joint Cooperation Committee after four and a half years.

"In the constructive atmosphere of the committee, we will soon witness good things in the field of commerce and investment," the official wrote on his Twitter account on July 16th.

Khandouzi further announced that Iran and China will start implementing a number of joint projects agreed upon by the two presidents in February from next month.

According to the minister, necessary follow-ups on the said projects have been carried out in the past five months and the final decision to start implementation was taken in a joint business event on July 13th.

"President Raisi paid an important visit to Beijing last winter and reached a good agreement with the Chinese president; in response to this, necessary follow-up actions have been taken by the ministries in the past five months and the first joint commission between Iran and China was held on Thursday (July 13) after a gap of 4.5 years."

"China is Iran's largest trading partner and the most important export destination for Iranian goods, and a significant portion of our imports also come from China. Last year, China's share in Iran's (non-oil) trade was 24 percent," the minister added.

Back in early April, the Chinese ambassador to Tehran said, "This is a good year for Iran-China relations."

Changhua made the remarks during a meeting with members of the Iran-China Joint Chamber of Commerce and a number of Iranian traders trading with China at the Iran Chamber of Commerce, Industry, Mines and Agriculture (ICCIMA). Agriculture in Tehran (ICCIMA).

Referring to the growth of China's economy, the envoy said this year has been a good year for Iran-China relations, adding that the leaders of the two countries reached important agreements during their meeting, including the implementation of the 25-year Iran-China cooperation agreement. The two countries signed a number of bilateral cooperation documents in the fields of agriculture, tourism, culture, disaster relief and rescue.

Majid Reza Hariri, president of the Iran-China Joint Chamber of Commerce, also emphasized the desire of the Iranian private sector to develop business relations with China and said there are obstacles in this direction. Among them, the issuance of visas for Iranian businessmen, especially for their participation in trade fairs in China, is problematic, and facilitating it will certainly help the development of relations.

Meanwhile, in a meeting with the Chinese ambassador in Tehran in late September, the head of the Iranian Chamber of Commerce, Industry, Mining and Agriculture (ICCIMA) announced the establishment of a special task force to develop trade relations with China.

"Considering the importance of developing trade relations with China, a task force on developing trade relations with China has been established with the aim of further activating the private sector at the level of the heads of chambers of commerce of the two countries," Hossein Seravarzi said.

He said the Belt and Road Initiative will create good opportunities for both sides: "In addition to the bilateral relations between the Iranian and Chinese governmental sectors, we have new plans to enhance cooperation between the private sectors of the two countries within the framework of the BRICS group and the Shanghai Treaty."

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