TEHRAN (Iran News) – The value of Iran’s exports to China increased by 24 percent in November 2023 as compared to the same month in 2022, according to China’s Customs data.

Iran exported $405 million worth of products to China in November 2023, while the figure was only $326 million in November 2022, Tasnim News Agency reported.

As reported, the trade between Iran and China reached $13.4 billion in the first 11 months of 2023, registering a seven percent decline, year on year.

According to China’s Customs data, the value of trade between the two countries stood at $14.4 billion in January-November 2022.

China’s imports from Iran reached $4.2 billion in the 11-month period of 2023, which was 30 percent less than the figure for the same period in 2022. From January to November 2022, China imported $6.0 billion of goods from the Islamic Republic.

Oil is China’s main imported item from Iran, which is not included in the country’s official customs data.

The Asian country’s exports to Iran, however, grew by nine percent in the first 11 months of 2023 to reach $9.2 billion. In the same period of 2022, China exported $8.4 billion worth of goods to Iran.

In late December, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced that the country exported commodities valued at $10.3 billion to China during the first nine months of the current Iranian calendar year (March 21-Decemebr 21).

China is one of Iran’s main trade partners that has maintained strong trade ties with the Islamic Republic despite the strict U.S. sanctions.

Iran and China officially signed the document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Iran’s Finance and Economic Affairs Minister Ehsan Khandouzi said the 25-year strategic partnership plan between Iran and China has entered a new phase with new agreements being reached between various ministries of the two countries.

According to Khandouzi, the mentioned agreements have been reached between the two sides during the visit of Iran’s delegation to the 6th China International Import Expo (CIIE).

“Specific projects were defined between the government departments of the respective ministries of Iran and China, and agreements were reached on the details of the implementation of the mentioned projects,” Khandouzi said.

Regarding the private sectors of the two countries, some Iranian companies operating in China and some large Chinese companies operating in Iran faced obstacles, which were discussed and resolved by the relevant authorities, he explained.

EF/MA