Economy, Domestic Economy

Iran Non-Oil Exports to China Up 27%

Mineral products, especially iron ore, constitute a major part of Iran’s non-oil exports to China
Iran Non-Oil Exports to China Up 27%
Iran Non-Oil Exports to China Up 27%
Iran’s oil exports to China during 11 months stood at $10.8 billion, indicating a 28.5% rise year-on-year

Iran's non-oil exports to China saw a 27.1% rise in value and a 27.7% increase in weight in the 11 months of 2017 compared with the same period of last year, Iran’s commercial attaché to China said.

Seyyed Reza Seyyed Aqazadeh added that trade balance between the two countries during the period stood at $400 million in favor of Iran.

Seyyed Aqazadeh did not mention the value and volume of bilateral trade. However, the latest data published by ISNA show Iran exported $13.88 billion worth of commodities to China during the nine months to Sept. 30.

A total of $27 billion worth of goods were exchanged between the two countries during the period.

With $8.74 billion, oil comprised the lion's share of Iran's exports to China, which imports 633,000 barrels of crude from Iran daily and is Iran's biggest oil customer.

Seyyed Aqazadeh told IRNA that Iran's oil exports to China during the 11 months stood at $10.8 billion, indicating a 28.5% rise year-on-year.

Mineral products constitute a major part of Iran's non-oil exports to China.

Latest statistics released by Iranian Mines and Mining Industries Development Renovation Organization show Iranian miners exported 12.44 million tons of mineral products worth $1.08 billion to China during the first seven months of the current fiscal year (March 21-Oct. 22).

Iron ore was the main exported commodity in the seven-month period, standing at 10.47 million tons valued at $584.25 million.

“Iran is currently the seventh largest iron ore supplier to China—a three-step drop compared to its 2013 heyday,” a member of the board and the head of international affairs at Iranian Iron Ore Producers and Exporters Association, Keyvan Jafari Tehrani, said.

Tehrani noted that Iran’s share of Chinese iron ore imports stood at 2.3-2.5% in 2013 while it exported 23.5 million tons, over 90% of which went to China.

The official forecasts Iran’s 2017 iron ore shipments to reach 17-17.5 million tons by the yearend, emphasizing that despite the 6-million-ton drop compared to 2013, the same 90% of it will go to China.

According to Bahador Ahramian, a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture, the fiscal 2017-18 is the first time the Chinese imported steel from Iran.

Iran shipped 245,353 tons of steel products to China in the seven-month period worth $22.86 million.

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