TEHRAN – The value of Iran's economic exchanges with its leading trade partner, China, reached $6.5 billion during the first sixth months of 2023, according to the data released by China’s customs administration.

Based on the mentioned data, the six-month trade between the two countries has not changed significantly in comparison to the figure for the same period in the previous year, IRNA reported.

The value of exchanges between the two countries was reported to be $6.470 billion in January-May 2022.

Latest data released by China’s customs administration show Iran’s exports totaled $1.9 million during the period, indicating a 68 percent year-on-year decrease.

In return, China exported $4.6 billion worth of goods to Iran, registering a 40 percent rise as compared to the previous year’s same six months.

Bilateral trade hit $1.27 billion in May 2023 with Iran’s exports at $377 million and imports at $893 million which shows a 46 percent decrease in export and a 20 percent increase in imports compared to the corresponding period in 2022.

China is one of Iran’s main trade partners that has maintained strong trade ties with the Islamic Republic despite the strict U.S. sanctions.

Iran and China officially signed a document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 memorandums of understanding (MOU) under the framework of the two countries’ strategic 25-year agreement.

The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.

The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.

EF/MA