Sharp Decline In Iran’s Trade With China: Equal To 18% Of 2020

ICBPS- Customs statistics of Iran’s Main Trade Partner China show a significant decline in its trade with the Islamic Republic of Iran.

In its latest detailed monthly report, China Customs reported a nearly 18 percent drop in trade with Iran in the first quarter of 2021, compared to the same period last year.

On May 20, 2021, China released a report on its oil trade with the Islamic Republic, the country’s imports from Iran in the last four months of this year fell 15.6 percent to nearly $2 billion. In the same period in 2018, when the US sanctions against Tehran had not yet been imposed, the figure was more than $7.5 billion.

However, Chinese customs claims that the country did not buy any oil from the Islamic Republic in the first four months of 2021.

Meanwhile, statistics from oil tanker tracking companies show that Iran shipped an average of 600,000 to 700,000 barrels of oil per day (estimated at $4.3 billion to $5 billion.) to China in the first four months of 2021. Reuters reports that Iran is shipping its oil to China under the names of other countries, including Iraq, the UAE, Malaysia, Oman, and Indonesia. China’s customs statistics also show a surge in its oil imports.

Apparently, Iran’s exports to China between January and April 2021 reached the level of the pre-sanctions period. China Customs also says its imports from Iran have fallen 19 percent, worth $2.352 billion in the past four months.

The decline is due to the Chinese Coronavirus outbreak, and the fall in oil prices this year.

Previously, the Chinese Customs released its full foreign trade report showing that Iran’s oil and non-oil exports to the nation fell by about 55 percent in the first 11 months of 2020 to $7.8 billion, and China’s total exports to Iran also fell by 10 percent, dropped to $13.5 billion.

In early November 2020, ICBPS reported that China, as Iran’s major trading partner, still maintains a large trade volume with Iran, but Tehran’s seven-month exports to Beijing also fell 61 percent to $ 3.5 billion. Iran’s imports from the Far East nation decreased by six percent during the same period to $5.12 billion.

Other Iran’s East Asian Trade Partners

S.Korea’s customs statistics show that it imported only $8 million from Iran in the first 11 months of this year, compared to $2.1 billion in the same period last year. South Korea’s exports to Iran also reached $167 million, dropped 40 percent from the same period last year.

Japan’s customs statistics also show that it exported $75 million in the first 11 months of this year, and half of the amount was imported from Iran.

At the same time, Japan’s exports to Iran were $63 million, and its imports from Iran were 1 billion and 223 million dollars.

The Indian Ministry of Economy, however, has not yet released its figures, but its latest figures show it imported $228 million from Iran in the first 10 months of 2020, which was $3.340 billion in the same period last year.

India’s exports to Iran have also fallen by 40 percent, dropped to $2 billion.

Thus, Iran’s total exports to China, South Korea, Japan, and India fell to a quarter of last year ($24 billion in 11 months of 2019).

Turkey and Europe

According to the latest report of Turkish Statistics Center, it exported $1.7 billion to Iran in the first 10 months of 2020, which is 23 percent less than the same period last year, and its imports from Iran decreased from $3.4 billion to $880 million in the same period.

Eurostat statistics of the European Union’s statistics center show that only €604 million were imported from Iran in the first 10 months of the year. The amount of imports, however, has increased by 6.5 percent compared to the same period last year, but, it has decreased significantly, compared to the amount €9 billion in the first 10 months of 2018.

The EU exports to Iran also fell to 17 percent, declined to €3 billion in the first 10 months of this year, compared to the same period in 2018 — less than half.

Iraq, the UAE, and, Afghanistan have not released customs reports on their trade with the Islamic Republic in 2020.

 

Institute of Capacity Building for Political Studies, (ICBPS) publishes articles, analyses, and reports online with no limit. ICBPS has been founded by a group of journalists and activists to provide a great opportunity for those freedom fighters who are being censored by mainstream media.

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