Wednesday, April 24, 2024

Value of Iran-China trade increases to $3.85bn in 3 months

The value of trade between Iran and China reached $3.85 billion in the first three months of 2022, up by 18 percent compared with the same period last year, new data show.

According to China’s customs authority, commercial exchanges with Iran witnessed a growth of 18 percent from January to March this year.

The volume of trade had been estimated to be $3.25 billion over the same time span in 2021.

China’s imports from Iran also increased to $1.93 billion from $1.48 billion in the comparable period last year, recording a notable 30-percent growth.

The first 90 days of 2022 also saw an eight-percent increase in China’s exports to Iran, reaching $1.92 billion in value.

Long-standing economic cooperation between Tehran and Beijing, both subjected to tough US sanctions, has been further facilitated by a 25-year strategic partnership agreement, which the two sides finalized in March 2021.

Among other topics, the deal paves the way for hundreds of billions of dollars of Chinese investment in various sectors of the Iranian economy.

Iran, in return, will commit to providing China with a stable supply of energy over the next 25 years.

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