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).
