Iran Exports to China Halve Since 2022

Iran's exports to China during the first half of 2023 had a considerable fall, according to the General Administration of Customs of China's most recent monthly data.

The report states that Iran's total export value to China in the earlier period was $2.2 billion, a 46% decrease from the same period the previous year.

Iran's exports to China are declining amid a complicated economic environment that has developed in recent years as a result of US sanctions.

Since the United States imposed severe sanctions against Iran in 2020, China has chosen a different method of obtaining oil from the Islamic Republic. China has been able to get oil supplies at huge discounts by working with middlemen, particularly Malaysian traders.

The mentioned estimates do not include Iran's smuggled oil shipments to China that are registered by Chinese customs as coming from other countries. Due to restrictions imposed by US sanctions, it is believed that Iran is able to transfer about 800,000 barrels of oil indirectly to China.

Based on import export data, China's exports to Iran have seen a significant uptick, increasing by a huge 30% and reaching a total value of $5.3 billion.

India, Iran's second-largest economic partner in East Asia, has seen a drop in Iranian imports as well. According to figures from India's Ministry of Economy, imports fell by 6% during the first five months of the current year, which resulted in a considerable