TEHRAN (Iran News) – According to China’s Customs Office report, the trade exchange between Iran and China in the first five months of 2021 stood at $5.5b which shows 14 percent decline comparing to the same period last year.
According to the report, Iran and China’s trade exchange in the first five months of 2021 nose-dived from $6.4b in the same period in 2020 to $5.5b this year.
As per report, China’s imports from China this year has stood at $2.5b in five months which shows 7 percent decline comparing to the same period in 2020 which was around $2.7b and crude oil has been the major good that China has imported from Iran.
Meanwhile China’s exports to Iran between January and May of 2021 have faced 19 percent decline and fell from $3.7b in the same period in 2020 to $3b this year.
The trade balance between Iran and China is around $500m in favor of China in the first five months.
The decline in Iran-China trade is mainly due to the outbreak of the new coronavirus and sanctions, but the two sides are taking measures to boost trade turnover back to its pre-coronavirus levels. China is Iran’s major trade partner.
Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) plans to set up a business office in China, in collaboration with major Iranian trade companies which can boost the trade between the two countries.
Gholam-Hossein Jamili has recently announced during a meeting with representatives of some large state-owned companies, saying that the focus of the office will be on the activities of Iran-China Joint Chamber of Commerce.
The official also mentioned the Iran Chamber’s approach to expanding the country’s export markets, providing services, exploiting existing capacities, and said: “Mobilizing facilities and creating a strong center for better trade and economic activities in China is what we are looking for.”