The Iranian Horn Faces More Economic Pressure

70 Percent Drop in Iran’s Exports to China – Economy

News

Published: Sunday, 31 May 2020

According to the Chinese Customs Report on trade with the Iranian regime, which was published on 25 May, there has been a significant decrease in the country’s imports from the Iranian regime during the first four months of the year.

During this period, the regime’s oil exports to China have fallen. Last month, Iran’s non-oil exports to China fell 24 percent.

A comparison of statistics for the first four months of this year with the same period in 2018 shows that China’s imports from Iran have fallen by more than 70 percent and its exports have fallen by more than 48 percent.

Statistics show that the total decline in oil and non-oil exports of the regime to China have fallen from over $6 billion in the first four months of last year to $2.34 billion in the same period this year.

At the same time, the import of Iran from China has increased by more than 3% during the mentioned period and has reached $2.926 billion. In the last two years, China’s trade with the Iranian regime has fallen sharply.

China’s statistics show that Iran’s non-oil exports to China reached $413 million in April, compared to April last year, with a decrease of about a quarter.

Details of monthly statistics show that China received 127,000 barrels of oil per day from the Iranian regime in April, twice as much as the previous month. But due to a sharp drop in oil prices, last month compared to March, the value of oil delivered from Iran has fallen by less than 4 percent.

In an interview with the state-run ILNA news agency on 25 May, Bijan Zanganeh, Minister of Petroleum, said about the dire economic situation and the impact of sanctions on the regime’s economy:

“In the current difficult situation, we must all take a step towards resolving the problems of the people and developing the country through interaction and jihadist spirit; Now is not the time to deal with marginal issues.”

Zanganeh added: “No one can predict oil prices in the current situation because oil prices are subject to supply and demand. The reality is that the demand side is very vague because it’s not clear when the global economy will be active.”

He also spoke about the situation of Iranian gas exports to Turkey: “Iran’s gas pipeline to Turkey, which was damaged by an explosion earlier this year, has not been repaired; However, it did not take more than a few days to repair the line. Iran said it was ready to help repair the gas pipelines, but the offer was not welcomed by the other side.

“The current situation in the country is much more difficult than during the imposed eight-year war. The difference is that the dead and wounded are not very tangible.”

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