China’s exports to Iran cross $5bn mark

China’s Ministry of Commerce says the nation’s exports to Iran have crossed the $5 billion mark, up roughly 50% year on year.

China exported $5.44 billion worth of goods to Iran during the first two quarters of 2010, registering a 48.6 percent increase compared to the similar period last year, Fars News Agency quoted the Chinese Ministry of Commerce as saying.

Iran was China’s third export destination in South and West Asia over the six-month period when China’s exports to the region grew by 41% to $37billion.

India was the biggest importer of Chinese commodities over the same period, purchasing $18.4 billion worth of Chinese goods.

India is followed by Turkey with $5.6 billion worth of imported Chinese commodities.

China’s exports to India and Turkey showed a growth of 41 and 55 percent year on year respectively.

Among other countries which purchased Chinese goods in the first half of 2010 were Pakistan with $3.2bn worth of imports from China, Bangladesh with $2.9bn, Sri Lanka with $800mn, Cyprus with $500mn and Nepal which imported $200mn worth of Chinese commodities.

Iran and China are big trade partners.

They have recently stressed the need for the establishment of a joint investment committee in an effort to expand relations.

Tehran and Beijing are also in talks over a $1.5bn railroad project which the latter is to carry out in Iran.