China-Iran Trade Report (April 2021)
Two Years of the “New Normal”
New data released by the General Administration of Customs of the People’s Republic of China (GACC) for April marks 24-months since the Trump administration’s revocation of waivers permitting imports of Iranian oil, a move that led to a significant decline in China-Iran bilateral trade. ___STEADY_PAYWALL___
In the period since, Chinese exports to Iran have averaged $742m per month, less half the average level seen in the first half of 2018.
Trade figures for April remained consistent with the “new normal” with Chinese exports to Iran rising significantly from USD 457 million to USD 566 million as orders picked-up following the Nowruz holidays in March. Chinese imports from Iran fell slightly from USD 523 million to USD 499 million. With oil imports remaining at their “zero” level, the decline in imports was mostly attributable to a fall in purchases of metals products—imports in HS Section 15 fell by approximately USD 40 million.
High exports and lower imports saw China run a small trade surplus of USD 66 million based on the customs data. But oil imports from Malaysia remain near historic highs at USD 1.8 billion, meaning Iran continues to run a surplus. As negotiations continue in Vienna around the possible US reentry into the JCPOA, a key question will be to what extent China-Iran bilateral trade will react to the lifting of US secondary sanctions.
