Envoy: Iran-China trade balance hits $52bln

Iranian Ambassador to Beijing Ali Asghar Khaji

Iranian Ambassador to Beijing Ali Asghar Khaji

TEHRAN (FNA)- Iran has considerably increased the volume of its trade transactions with China, a senior diplomat announced.

“The value of trade exchanges between Iran and China hit $52 billion in the first ten months of the current Iranian year (March 21, 2014-January 22, 2015),” Iranian Ambassador to Beijing Ali Asghar Khaji said on Saturday.

Khaji said that Iran’s export to China witnessed a 30 percent growth during the said period as compared with the previous year.

Earlier this month, Deputy Head of Iran-China Joint Chamber of Commerce Majid Reza Hariri announced that the trade exchange between Iran and China has increased by 30 percent.

“Iran’s trading with China has risen by 30 percent, and their economic transactions have reached $50bln. Off course, it is possible to witness further increase in bilateral economic transactions,” Hariri said.

The Iranian official noted that Iran is importing service goods for road, power plant, petrochemicals, machinery, locomotive and wagon. China is buying Iranian gas condensations, petrochemicals, minerals, iron ore and decorative stones.

Iran’s exports to China include 30 percent of the country’s entire exports. China is buying half of Iranian oil while Iran is under western sanctions.

The official also said pistachio, carpet, saffron and date are among other Iranian goods which have appropriate market in China.

According to the report, China’s exports in 2014 amounted to $22bln which enjoyed a growth of 87 percent compared to the previous year, which was $11.7bln.

Meanwhile, China’s import from Iran in 2014 rose reportedly 10% and reached $25.5bln from $23.1bln in 2013.

Iran is currently China’s third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.

By Fars News Agency