Iran-China trade in the first five months of 2016 fell 25% compared with last year’s corresponding period to stand at $11.15 billion, Tasnim news agency reported citing China’s General Administration of Customs data. Imports declined 23% to reach $5.95 billion while exports stood at $5.2 billion, registering a 28% drop. Over the past four decades, China and Iran have developed a broad and deep partnership centered on China’s energy needs and Iran’s abundant energy resources. The imposition of western sanctions on Iran over its nuclear energy program placed China among the few countries Iran traded with. However, with the removal of sanctions in January, Tehran is looking to diversify its trade and build closer ties to other bigger markets in the West and Asia.
