China-Iran Trade Report (March 2022)
China Runs Trade Deficit With Iran
New data released by the General Administration of Customs of the People’s Republic of China (GACC) for March 2022 shows China running a trade deficit with Iran for the first time in 12 months, due to a jump in non-oil imports.___STEADY_PAYWALL___
Chinese exports to Iran rose from $483 million in February to $595 million in March as Iranian firms put in new orders in anticipation of the end of the new years holidays. Iranian purchases of machinery (HS Chapter 84) rose from $106 million in February to $159 million in March.
Chinese imports from Iran showed an event bigger rebound, rising from $509 million in February to $722 million in March—this was the reason for China’s trade deficit. The rise in imports did not include a jump in declared imports of Iranian oil, although data for oil imports from UAE and Malaysia suggest that intermediated purchases of Iranian oil may have increased. Non-oil imports showed strong growth, with large jumps in Chinese imports of plastics (HS Chapter 39) and iron and steel (HS Chapter 72).
