The value of bilateral trade between Iran and China reached $6.5 billion during the first five months of 2023, Chinese customs data says.
According to the latest figures released by China’s General Administration of Customs, cited in a Wednesday report by IRNA news agency, the total value of commercial exchanges between the two countries showed a minor increase compared with the corresponding period last year, which was $6.47 billion.
Iran’s exports to China totaled $1.9 billion during the January-May period, registering a 68% decline, while China’s exports to Iran reached $4.6 billion, posting a 40% increase.
Crude oil is Iran’s most significant export item to China, the price of which has decreased during this period.
Iranian exports to China dropped remarkably this year mostly due to a decrease in international oil prices.
According to Iranian customs figures, China is Iran’s top trade partner. Iran exported some $14.584 billion worth of goods to China in the Iranian calendar year to late March, while the country’s imports from China reached $15.744 billion over the same period.