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China Expects $40bln Trade Exchange with Iran in 2011

Service : Economy
TEHRAN, July 11 (ICANA) – China's Ambassador to Tehran said that the total value of trade exchanges between Iran and china is expected to reach $40 billion this year.
Monday, July 11, 2011 9:01:54 PM
China Expects $40bln Trade Exchange with Iran in 2011

Addressing Iran-China trade conference here in Tehran on Monday, Yu Hung Yang said that the value of the two countries' trade exchanges has witnessed a 55% growth during the first four months of 2011 and amounted to $13.28bln.

The diplomat further predicted that the figure would surpass $40bln by the end of the year.

He said trade exchanges between Iran and China amounted to $30bln in 2010, adding that "China exported $11.1bln worth of goods to Iran, while its imports totaled $18.3bln last year".

Meantime, the Chinese envoy said that his country's direct investment in Iran has undergone a 48.3% increase during the first four months of 2011 and reached $178mln.

China is a major trade partner of Iran. The two countries are endeavoring to enhance their bilateral trade ties significantly. Crude supplies constitute a major part of Iran's exports to China.

Iran is currently China's third largest supplier of crude oil, providing China with roughly 12% of its total annual oil consumption needs - nearly one million barrels per day.

China's Customs Organization announced in a recent report that the country has increased its oil imports from Iran in the first four months of the current year.

The report shows that China's crude oil imports from the Islamic Republic of Iran have increased by 32 percent during the first months of 2011.

According to the report, Iran's total oil exports to China stood at 8.549 million tons between January and April 2011, up 32 percent compared with the same period last year.

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