Who does Iran trade with and what could Trump's 'economic D-

Key Takeaways

• China is the biggest buyer of Iranian goods, making up 26
• 9% of its exports in 2025, according data from the International Trade Centre (ITC), a subsidiary of the United Nations and the World Trade Organisati
• There a few caveats to ITC's data, which covers a period before the US-Israel war with Iran began
• First, several economists believe that even before the conflict started, a lot of Iranian oil sales, particularly to China, were underreported for pol
• Second, the ITC tallies Iran's exports using mostly the import numbers reported by its trading partners - owing to the difficulty in getting up to dat

China is the biggest buyer of Iranian goods, making up 26.9% of its exports in 2025, according data from the International Trade Centre (ITC), a subsidiary of the United Nations and the World Trade Organisation.

There a few caveats to ITC's data, which covers a period before the US-Israel war with Iran began.

First, several economists believe that even before the conflict started, a lot of Iranian oil sales, particularly to China, were underreported for political reasons.

Second, the ITC tallies Iran's exports using mostly the import numbers reported by its trading partners - owing to the difficulty in getting up to date export data from Iran.

Third, import data for some of Iran's trading partners, such as Iraq, is incomplete.

Despite this, Iranian trade's importance to China is clear from its response to the US announcement of "economic D-Day".

It said that it was firmly opposed to what it called "illegal unilateral sanctions", that economic pressure tactics would not help resolve problems and that Beijing would safeguard its own interests.

Like Turkey, Pakistan borders Iran and is one of its biggest export partners, according to ITC data, while also being keen to maintain a good relationship with the US.

But unlike Turkey, Pakistan's top export partner is instead the US, meaning it has more to lose from any economic punishment imposed by Washington.

It is also a key mediator in peace talks between the US and Iran, meaning a breakdown in its relationship with either country could make finding a solution to the conflict even more challenging.

The other complicating factor is that not all of Pakistan's trade with Iran is within the Pakistan government's control.

The BBC has seen evidence that oil is being smuggled across the border from Iran to Pakistan en masse by bikers, some as young as 15.

This was the case before the Iran war began, but data suggests the practice has picked up since.

And though the US and Pakistan's oil firms have pressured Pakistan's government to clamp down on the practice, it has struggled to police remote parts of the 900km border.

The BBC has previously asked the Iranian government to comment on the allegation that it is involved in the fuel smuggling. It did not respond.

US Treasury Secretary Scott Bessent said the sanctions against Iran will "tighten the noose and block every potential source of revenue".

Yet, many experts disagree. Advisory firm Oxford Economics said the direct impact on Iran's revenues would be "somewhat of a damp squib".

Ali Vaez, deputy director at the International Crisis Group, said: "Anything that moves in Iran has already been sanctioned by multiple layers of sanctions, in fact.

"So the question now is one of enforcement. Does the United States have what it takes to impose fines and levies on countries that continue to trade with Iran?"

He noted how the US started an economic war with China, Iran's biggest trading partner, last year but "backed out of it".

Former senior advisor at the state department Aya Ibrahim said the US's overreliance on them "incentivises countries to find ways around that system".

She also raised concerns that the sanctions may have the biggest affect on people, rather than economies, as they "deny people necessities to stay alive".

Meanwhile, global markets have had a muted response to the announcement.

Global oil prices fell following the announcement, but are still far higher than pre-war levels.

Stock traders were even less moved by the news, with the major indexes of the biggest companies listed in the US, Europe, and Asia barely shifting.

The US will has a way to go before it convinces economists, investors, and the nations trading with Iran that its sanctions threat is to be taken seriously.

Additional reporting by Miguel Roca-Terry

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Iran is no stranger to US sanctions and has developed deep economic ties with several countries.

Originally reported by BBC News. Enhanced and optimized for search by TechVeb.