United States Treasury Secretary Scott Bessent has unveiled a new wave of <a href="https://industrymovement.com/iran-says-it-is-fully-prepared-to-counter-widened-us-economic-sanctions/” title=”Iran says it is 'fully prepared' to counter widened US economic sanctions”>sanctions on Iran, branded “Operation Economic Outcast”, designating close to 60 entities, individuals and vessels and widening secondary sanctions to cover shipping, gold, a
He said the aim was to sever every economic lifeline sustaining the government in Tehran until it stands alone, and that President Donald Trump was telephoning world leaders with specific requests to halt their dealings with Iran, though he named no countries and set no deadline.
Below, we break down Iran’s top trading partners using official customs figures compiled by Trade Data Monitor, which exclude the unrecorded flows sustaining much of Iran’s oil exports.
Iran’s top export partners
Iran has spent much of the past two decades under Western sanctions, a pressure that has pushed its economy away from Europe and towards a narrowing group of Asian and regional partners.
In 2024, Iran exported some $56bn worth of goods to at least 112 countries and territories, according to official customs figures. Its top export partners were:
- China ($14.58bn) – The largest buyer of Iranian oil, taking more than 80 percent of Iran’s seaborne crude exports, according to tanker-tracking analysts. Much of it is discounted and moved by shadow-fleet vessels, barely registering in either country’s customs records.
- Iraq ($11.7bn) –Iran has been a major supplier of gas to Iraq for electricity generation, and sells electricity directly to Iraqi provinces in the south. It is also a leading source of food products, building materials and manufactured goods.
- UAE ($7.16bn) –Has long been a financial and re-export lifeline for Iran, accounting for 13 percent of its exports. Abu Dhabi imposed an indefinite trade embargo last week after accusing Iran of firing missiles at its territory. Tehran denied the allegations.
- Turkiye ($6.1bn) –Iran has long supplied Turkiye with pipeline gas via the Tabriz-Ankara Pipeline, along with petrochemicals, food products, and construction materials.
- Afghanistan ($2.3bn)Iran supplies its landlocked neighbour with fuel, food and construction materials, and Afghanistan depends heavily on Iranian ports and overland routes to access wider markets.
Iran’s top import partners
In 2024, Iran imported some $68.5bn worth of goods from at least 87 countries and territories, according to official customs figures. Its top import partners were:
- UAE ($21bn) –Supplied just above 30 percent of Iran’s imports, most of them re-exported goods rather than Emirati production, giving Tehran indirect access to Western machinery, electronics and consumer goods. Abu Dhabi’s indefinite trade embargo has severed that route.
- China ($17.8bn) –The main supplier of machinery, electronics, vehicles and industrial components, and the partner Iran has leaned on most heavily as Western trade has closed off.
- Turkiye ($11.1bn) –A shared land border and longstanding commercial ties make Turkiye a key overland supply route, sending machinery, chemicals, vehicles and manufactured goods. Trade in both directions has fallen since the war began.
- European Union ($6.1bn) –European sales are now a fraction of pre-2018 levels, concentrated in pharmaceuticals, medical equipment and machinery.
- India ($1.6bn) –Trade has fallen sharply in recent years. New Delhi has kept commercial links narrow and weighted towards agricultural goods including rice, tea and pharmaceuticals.
