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Iran’s exports to China dropped by 52.7 percent in the first quarter of 2020, reaching a record low of $1.8 billion, Iranian daily Radio Farda reported.
The drop in exports came as a result of US sanctions impacting Iran’s crude deals. China was the biggest customer of Iranian oil before US sanctions came into effect last May.
Iran was exporting 2.5 million barrels of crude daily in 2018 before sanctions were imposed.
The International Monetary Fund warned Iran could face an $18 billion trade deficit in 2020 due to lack of oil exports, which could worsen if oil prices stay low.
Meanwhile, Chinese exports to Iran grew by 16 percent reaching over $2.1 billion, in the first quarter compared to the previous year.