Iran’s trade with its top trading partner China reached $5.26 billion in the first four months of 2020, 40 percent less than the same period last year, Tasnim reported.
As reported, the two countries’ trade turnover stood at $8.76 billion in the last year’s four-month period.
Based on the data released by the General Administration of Customs of the People’s Republic of China, Iranian imports from the Asian country reached $2.92 billion in the January-April period, indicating a three percent rise compared to the same time span in 2019.
The exports to China, however, fell 61 percent to stand at $2.34 billion.
China mainly imports oil from Iran and the drastic fall in oil prices has been the main reason for the devaluation of Iran’s exports to China during this period.
The outbreak of coronavirus was also another major factor that contributed to the significant decline in China’s trade with Iran.
The commercial exchange between the two countries stood at $3.94 billion during the first three months of 2020 to register a 30.4 percent decline compared with the corresponding period of 2019.
Iran’s exports to China totaled $1.81 billion in the Q1 2020, indicating a 52.7 percent year-on-year decrease.
In return, China exported $2.13 billion worth of commodities to Iran during the period under review, up by 15.9 percent year-on-year.
Iran and China have had a long history of cultural, political, and economic exchanges along the Silk Road since at least 200 BC, and possibly earlier. To this day, China and Iran have developed a friendly economic and strategic partnership.
Approximately 80 percent of China’s total imports from Iran are oil and the rest is mineral and chemical products.