The latest market figures show the level of trade between Iran and China increased by almost a quarter over the past eight months.
Reports quoted China’s customs department as announcing that the level of trade between the two countries from January to August 2016 stood at $19.5 billion.
This is while, reports said, their trade reached above $24 billion from January to the end of August this year, showing an increase of 24 percent compared to last year.
Figures released by China’s customs department show that China’s exports to Iran over the same period last year stood at $10.2 billion against imports of $9.3 billion.
The country’s exports to Iran this year reached $12.04 billion against imports at $12.13 billion thus indicating an increase of 18.1 percent and 30 percent, respectively.
Previous figures had shown that trade between the two countries had increased by 31 percent during the first half of 2017 by reaching as high as $31 billion. The figure for the same period last year was $13.7 billion, the media reported quoting China’s customs department.
Crude oil comprises the bulk of Iran’s exports to China. Based on the latest market figures, the Islamic Republic is exporting as much as 600,000 barrels per day of crude oil to China.
China is Iran’s biggest trade partner and exports a wide range of consumer products to the country.