China-Iran Trade Report (January and February 2022)
Seasonal Drop in Trade
New data released by the General Administration of Customs of the People’s Republic of China (GACC) for the first two months of the year shows a drop in bilateral trade from the high point reached last December. While January totals remained close to December totals, bilateral trade dropped significantly in February. This seasonal drop in trade is associated with the Chinese New Year holidays which start on February 1.___STEADY_PAYWALL___
Chinese exports to Iran fell a from $847 million in January to $483 million in February—a 43 percent drop. Iranian purchases of Chinese goods were lower across different goods categories, but total purchases of machinery (HS Chapter 84), electrical equipment (HS Chapter 85), and vehicles and transportation equipment (HS Chapter 87), were $160 million lower in February than in the previous month, suggesting weak demand among Iranian industrial firms.
Chinese imports also declined by a significant percentage, 27 percent, totalling $509 million in February compared to $696 million in January. Part of the decline in imports can be attributed to a fall in declared imports of crude oil (HS Chapter 27). Total imports in this category fell from $136 million to just $5.8 million. Non-oil imports also fell, but by a far less significant 10 percent, remaining just above $500 million.
