Economy, Domestic Economy

Trade With China Tops $50b

Trade With China Tops $50bTrade With China Tops $50b

Trade exchange between Iran and China exceeded $50 billion during the past Iranian calendar year (ended March 20), deputy minister of industry, mine and trade, Reza Nowruz-Zadeh said in a meeting with Chinese Ambassador to Tehran, Peng Sen.

“Chinese traders should avoid viewing the Iranian market as a short-term destination for selling their products,” he was quoted by ISNA as saying, calling on Chinese banks to help facilitate trade for the Iranian companies.

Noting that Iran is seeking a long-term relation with China and is prepared to cooperate with China on various projects, Nowrooz-Zadeh called on Chinese official to facilitate visa issuance procedure for Iranian businessmen.  

He also invited the Chinese businesspeople to consider investing in Iran’s markets in addition to selling products, underlining the investment opportunities in Iran.

He called on the Chinese ambassador to help remove the barriers to promoting trade activities between the two countries, “Despite difficulties, Iran has always lived up to its commitments. That is a moral principle and a significant asset for the Iranian people.”  

Iran is currently China’s third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption. China’s exports to Iran amounted to $22 billion in 2014 which enjoyed a growth of 87 percent compared to the $11.7 billion in the previous year. Meanwhile, China’s imports from Iran rose by 10% in 2014 and reached $25.5 billion from $23.1 billion in 2013.

Iran mainly imports from China goods pertaining to roads, power plants, petrochemicals, machinery, locomotive and wagon. Iran’s top exports to China include gas condensates, petrochemicals, minerals, iron ore and decorative stones. Pistachio, carpet, saffron and date are among other Iranian goods which have good market in China.