In March this year, Iran’s non-oil exports to China stood at 38 384 million.
Washington … News Time
Trade between China and Iran has fallen to its lowest level in decades as a result of US sanctions on Tehran. This was revealed by the American news agency Bloomberg. According to the report, trade between the two countries has reached a level unprecedented in the past. China’s Customs Administration Department said on Thursday that the declared imports of Iranian oil in March this year were worth only .5 115 million. This is a decrease of 89% on an annual basis. For more than a year now, China has been cutting trade ties with Iran. There have also been clear changes in the policy of the Bank of Kunlun, which plays a key role in trade between China and Iran. Like other developing economies, Iran has relied on interactive trade relations with China to grow its economy. Therefore, the current situation is a matter of deep concern for Tehran.
In March this year, Iran’s non-oil exports to China stood at 38 384 million. Iran has been facing a trade deficit with China since September last year. As a result, the country’s balance of payments crisis has worsened. About a week before the Trump administration signed the first phase of a trade deal with China, Washington imposed new sanctions on Tehran. These restrictions had a direct effect and Bank of Kunlun changed its policies. As a result, Tehran’s trade scope was limited. The bank had informed its Iranian agents that no commercial payments would be accepted in the construction, mining and textile industries after April 9. The bank said its services would be limited to “humanitarian goods and industries not covered by sanctions”.
Like other countries, China has sought to offset the damage done to its reputation by the coronavirus outbreak while offering aid to Iran. China openly supports the 2015 Iran nuclear deal and opposes US sanctions. However, what China has done over the past year to defend its trade with Iran has been less than that of the European Union. In the light of trade realities, it can be said that the era of development and prosperity in terms of bilateral trade between China and Iran has passed. However, in the realm of political realities, relations between the two countries can now be seen to be deteriorating.
