Iran's main trade partners at risk from Trump's 'economic warfare'

PARIS — U.S. President Donald Trump has pledged "economic warfare" against Iran, threatening any country that trades with the Islamic republic following months of stop-start hostilities.

Here are the main players who could lose out if they continue to trade with Iran:

China

More than a quarter of Iran's trade takes place with China, with $18 billion in imports and $14.5 billion in exports in 2024, according to World Trade Organization (WTO) data.

Hydrocarbons and chemical compounds like industrial alcohols and plastics accounted for the bulk of Tehran's exports to Beijing.

In exchange, Iran bought industrial machinery, electronic equipment, cars and metals from China.

UAE

Before it announced this week that it was suspending all trade with Iran, the United Arab Emirates was a significant trading partner.

In 2024, 30.6 percent of imports to Iran came from the UAE, valued at about $21 billion, according to the WTO.

According to Iranian customs authorities, in the 10 months preceding January 2026, exports from Iran to the UAE registered $6.4 billion, while imports from the UAE totalled $14.81 billion — more than those from China over the same period.

Turkey

Turkey is also a major partner for Iran.

In the final 10 months of 2025, Iran imported $5.6 billion worth of goods from Turkey, according to Iran's customs authorities.

In turn, some $7.91 billion worth of goods — most notably hydrocarbon products — were exported from Iran to Turkey.

Russia

Russian imports from Iran were valued at $930 million in the last 10 months of 2025, while Russian exports to Iran amounted to $1.36 billion, according to Iranian customs authorities.

In 2022, Russia exchanged grain, gold and timber for Iranian agricultural products.

Cooperation has only expanded, with The Telegraph reporting on a new Caspian Sea route for bilateral trade.

Ukraine in July fired at vessels transporting military cargo involving Iran in the Caspian Sea, drawing Tehran's ire.

Iraq

Iran's exports to Iraq in the last 10 months of 2025 were worth $7.91 billion, compared to about $450 million in imports.

India

Bilateral trade fell from $17 billion in 2018-19 to $1.7 billion in 2024-25, according to India's commerce department.

India, which has sought to diversify its energy sources since the blockade of the Strait of Hormuz, imported about 276,000 barrels of oil per day from Iran in mid-April, according to the maritime tracker Kpler.

Germany

Germany's exports to Iran totalled 870.5 million euros ($1 billion) from January to November 2025, according to the country's official statistics office Destatis.

Imports were 217 million euros during that period.

Sri Lanka

Sri Lanka exported $68 million to Iran in 2024, up from $43 million the previous year, according to the Central Bank of Sri Lanka.

Official imports have been zero since US sanctions on Iranian oil.

Japan

Japan's exports to Iran rose 38 percent in 2024 to $89 million, while imports dropped 6.4 percent to $29 million, according to the Japan External Trade Organization.

Exports included pharmaceuticals, automobiles and electrical machinery.

Imports included fabric products and foodstuffs.

Philippines

The Philippines exported $66 million in goods to Iran in 2024, up from $38 million the year prior.

Imports were under $190,000, according to the country's statistics authority.