News ID: 113759
Published: 0631 GMT March 13, 2015

Iran-China trade balance to hit $60b

Iran-China trade balance to hit $60b

Iran and China plan to considerably increase the volume of their trade transactions to $60 billion from the current $52 billion in a year or so, Head of Iran-China Joint Chamber of Commerce Asadollah Asgaroladi said.

“We are determined to raise the volume of our trade with China to $60 billion in the beginning of the Sixth Five-Year Economic Development Plan” to start in March 2016, he added.

Asgaroladi said, the private sector shoulders a heavy responsibility, adding that Iran’s private sector is required to make huge efforts for joint venture projects with China.

In relevant remarks in February, a senior Iranian diplomat said the country has considerably increased the volume of its trade transactions with China.

"The value of trade exchanges between Iran and China hit $52 billion in the first ten months of the current Iranian year (March 21, 2014-January 22, 2015)," Iranian Ambassador to Beijing Ali Asqar Khaji said.

Khaji added Iran's export to China witnessed a 30 percent growth during the said period as compared with the previous year’s figures.

Also last month, Deputy Head of Iran-China Joint Chamber of Commerce Majid Reza Hariri announced that the trade exchange between Iran and China had increased by 30 percent.

“Iran’s trade with China has risen by 30 percent, and their economic transactions have reached $50 billion. Of course, it is possible to witness further increase in bilateral economic transactions,” Hariri said.

The Iranian official noted that Iran was importing service goods for roads, power plants, petrochemicals, machineries, locomotive and wagon. China is buying Iranian gas condensates, petrochemicals, minerals, iron ore and decorative stones.

Iran’s exports to China constitute 30 percent of the country’s entire exports. China is buying half of Iran oil while Iran is under Western sanctions.

The official also said pistachio, carpet, saffron and date are among other Iranian goods which have appropriate market in China.

Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil requirements.

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