Major drop in Iran-China trade volume

Official figures released on Sunday have revealed a significant drop in trade between long-time economic partners Iran and China.

Figures released by China’s Customs Department show that the value of trade between the two countries reached around $15 billion over a period of five months starting January 2015.

This indicated a plunge of 34.5 percent compared to the same period last year when the two countries’ trade stood at about $23 billion.

Figures show the value of the Chinese exports to Iran over the same period reached $7.7 billion thus marking a decrease of about 15 percent.

This is while imports from Iran stood at $7.1 billion indicating a yet large drop than exports at 47.6 percent.

The figures that have been quoted by Iran’s media further show that the tip in the balance of trade between the two countries has been to China’s benefit by $567 million.

Oil has been cited as the main product that Iran has been exporting to China.

Previously, Iranian officials said the current value of trade with China stands at $52 billion in a year.

Assadollah Asgarowladi, the chairman of Iran-China Joint Chamber of Commerce, told reporters in May that Iran plans to increase the figure to $60 billion in a year, stressing that Iranian private sector companies have a major responsibility to shoulder over this.

By Press TV