Iran-China Q1 Transactions Sink to Lowest in 5 Years

Iran’s commercial exchanges with its leading trading partner, China, stood at $3.2 billion in the first three months of 2021 – the lowest quarterly volume in the past five years – to register a 17% year-on-year decline. 
Latest data released by the General Administration of Customs of the People’s Republic of China show Iran’s exports to China totaled $1.47 billion in Q1, indicating an 18.8% YOY decrease.
In return, China exported $1.78 billion worth of commodities to Iran during the same period, indicating a 16.14% decrease compared with the same period of last year. 
Trade between the two countries stood at $980 million in March 2021, considerably lower than $1.4 billion in 2019.
Iran’s exports to China amounted to $523 million in March, which figure stood at $667 million in the year-earlier period.