Envoy: Iran-China Trade Balance to Hit $60bln

Date: 13 March 2015 - 19:37

News ID: ۱۱۹۸۷

TEHRAN (FNA) - Iran and China plan to considerably increase the volume of their trade transactions to $60bln, a senior trade official announced.
Iran and China hope to bring the level of their trade exchanges to $60bln from the current $52bln 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 at the beginning of the Sixth (Five-Year Economic) Development Plan” to start in March 2016, he added.
To that end, 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 said that Iran's export to China witnessed a 30 percent growth during the said period as compared with the previous year.
Also last month, Deputy Head of Iran-China Joint Chamber of Commerce Majid Reza Hariri announced that the trade exchange between Iran and China has increased by 30 percent.
"Iran’s trading with China has risen by 30 percent, and their economic transactions have reached $50bln. Off 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 road, power plant, petrochemicals, machinery, locomotive and wagon. China is buying Iranian gas condensations, petrochemicals, minerals, iron ore and decorative stones.
Iran’s exports to China include 30 percent of the country’s entire exports. China is buying half of Iranian 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.
According to the report, China's exports in 2014 amounted to $22bln which enjoyed a growth of 87 percent compared to the previous year, which was $11.7bln.
Meanwhile, China's import from Iran in 2014 rose reportedly 10% and reached $25.5bln from $23.1bln in 2013.
Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.