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ID : 7
21/04/2020

Title News : Iran's Trade Took A Major Hit In 2019 Across The Board
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The Islamic Republic of Iran stopped publishing economic data, including figures on its foreign trade since March 21, 2019, as a serious economic downturn triggered by U.S. sanctions set in. But Iran’s major trading partners regularly issue their official figures, which for 2019 show a significant decline in Iran’s trade with China, South Korea and others.

Compared with 2018, Iran's trade with China and South Korea in 2019 shows more than 34 and 60 percent declines, respectively.

The trend of declining trade accelerated during the year, after the United States in May stopped offering sanctions exemptions to friendly countries to import oil from Iran. For example, in November 2019, China imported 547,758 tons of Iranian oil, down from 3.07 million tons in April, according to China's General Administration of Customs.

India and Japan also released their annual reports on trade with Iran on January 30.

According to the Indian Ministry of Finance, exports to Iran amounted to $3.86 billion in 2019, which shows more than a 37% increase compared with the previous year. However, in the same period, India's imports from Iran show a three-fold decline, plunging to $3.4 billion.

It is for the first time that the value of Indian exports to Iran has overtaken its imports from the Islamic Republic, as India has stopped buying Iranian oil since May.

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