New Chinese customs figures show the country’s bilateral trade with Iran fell by 56% in the first nine months of 2026 compared to the same period last year, reaching $3.3 billion.

This figure does not include Iran’s oil trade with China.

According to China customs data for the period in question, more than three-quarters of bilateral trade was China’s exports to Iran.

Last month, bilateral trade between the two countries was also less than $332 million, half of the same month last year.

The drop in non-oil trade between Iran and China comes as the U.S. Treasury Secretary recently announced that Iran’s floating oil reserves outside the naval embargo line have also run out and there is no oil left to deliver to China.