Iran’s biggest trading partners in 2024 were China, Iraq, the United Arab Emirates and Turkiye on exports, and the UAE, China and Turkiye on imports. Official customs figures put Iran’s exports at about $56bn and imports at $68.5bn, although the figures exclude unrecorded flows supporting much of its oil trade.
The figures matter because the United States is seeking to isolate Iran economically. Treasury Secretary Scott Bessent announced “Operation Economic Outcast”, targeting close to 60 entities, individuals and vessels and expanding secondary sanctions to shipping, gold, aviation, technology and digital assets.
China is central to Iran’s export and import trade
China was Iran’s largest recorded export destination in 2024, buying goods worth $14.58bn. It is also Iran’s biggest import supplier, with shipments valued at $17.8bn, including machinery, electronics, vehicles and industrial components.
China takes more than 80 percent of Iran’s seaborne crude exports, according to tanker-tracking analysts cited in the source material. Much of that oil is discounted and transported by shadow-fleet vessels, meaning the trade is only partly reflected in customs records.
Related coverage: Iran weighs economic survival as Washington threatens harsher sanctions.
The UAE, Iraq and Turkiye provide regional links
The United Arab Emirates was Iran’s second-largest export destination at $7.16bn and its largest import source at $21bn. Much of the import trade consisted of re-exported goods rather than Emirati production, giving Iran indirect access to Western machinery, electronics and consumer goods.
Iraq bought $11.7bn of Iranian goods, including gas, electricity, food products, building materials and manufactured goods. Turkiye accounted for $6.1bn of Iran’s exports and $11.1bn of its imports, with trade supported by a shared land border and long-standing commercial ties. Turkiye supplies machinery, chemicals, vehicles and manufactured goods, while Iran sends pipeline gas, petrochemicals, food products and construction materials.
What the new sanctions are intended to do
Bessent said the US aim was to sever the economic lifelines sustaining Iran’s government until it stands alone. President Donald Trump was also calling world leaders with requests to stop dealing with Iran, but no countries or deadline were identified in the source material.
More context: Iran threatens retaliation as US prepares new economic sanctions.
The UAE imposed an indefinite trade embargo after accusing Iran of firing missiles at its territory; Tehran denied the allegations. The embargo has severed an important re-export route, according to the source material. Trade between Iran and Turkiye has also fallen since the war began.
Other important trade relationships
Afghanistan bought $2.3bn of Iranian goods in 2024, mainly fuel, food and construction materials. The country also depends heavily on Iranian ports and overland routes to reach wider markets.
Iran imported $6.1bn from the European Union, with trade concentrated in pharmaceuticals, medical equipment and machinery. India supplied $1.6bn, with narrower commercial links weighted towards rice, tea, pharmaceuticals and other agricultural goods.
Also read: Washington raises economic pressure on Iran as Tehran issues a warning.
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