05/27/2020, 10.18
IRAN - CHINA
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Coronavirus torpedoes bilateral trade between Iran and China: down by 40%

Trade reaches 5.36 billion dollars, down from 8.76 in 2019. Imports from China to Iran mark a + 3%. The reverse volume of business is falling, from Tehran to Beijing, which is down 61%. In addition to Covid-19, the drop in crude oil prices represents 80% of exports.

Tehran (AsiaNews / Agencies) - The new coronavirus pandemic, which has led to closures and blockages of activities in many areas of the world, also affects bilateral trade between Tehran and its privileged partner, China.

According to data released in the last few hours, and relaunched by the Tasnim agency, in the first quarter of 2020 there was a 40% drop in business volumes compared to the same period of the previous year.

The trade exchange between Beijing and Tehran stood at around 5, 36 billion dollars, a significant drop compared to 8.76 billion dollars in 2019.

According to a report by the Chinese Customs Administration, Iranian imports from China reached 2.92 billion in the period between January and April, with a growth of 3% compared to the same period of 2019.

However, exports to China suffered a vertical collapse with a 61% drop for a total volume of 2.34 billion.

The main source of Chinese imports from Iran is oil; the collapse in crude oil prices and the Covid-19 pandemic are the two main factors that have contributed to the decline in trade between the two countries, which however remain solid allies.

In the first quarter of 2020, the trade balance reached 3.94 billion, with a decrease of 30.4% compared to the same period of 2019. Iranian exports to China stopped at 1.81 billion, marking a decrease on an annual basis of 52.7%. At the same time, Beijing exported 2.13 billion goods to the Islamic Republic, an increase of 15.9% on an annual basis.

China and Iran have a thousand-year tradition of cultural, political, economic and commercial relations along the Silk Road. The first exchanges date back to 200 BC. and still continue today. About 80% of imports from Iran to China concern oil, the rest is made up of minerals and chemicals.

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