US President Donald Trump threatened to wage an "economic war" against Iran, warning countries engaged in trade with the Islamic Republic of severe consequences, amidst escalating regional tensions. The following report highlights the key nations most vulnerable to these repercussions. China,
Iran's largest trading partner, accounted for over a quarter of its foreign trade. Beijing's imports from Tehran reached $14.5 billion, and its exports to Iran totaled $18 billion in 2024. Iran's exports to China primarily included hydrocarbons and chemical compounds,
while Tehran imported industrial machinery, electronic equipment, cars, and metals from Beijing. Before its recent announcement to cut trade and financial exchanges with Iran, the UAE was a major trading partner. In 2024, 30.6% of Iran's imports came from the UAE,
valued at approximately $21 billion. Iranian customs recorded exports to the UAE worth $6.4 billion during the ten months preceding January 2026, and imports from the UAE exceeded $14.81 billion, surpassing imports from China for the same period. Turkey is also
a key partner for Iran. Tehran imported goods worth $5.6 billion from Turkey during the last ten months of 2025. Iran's exports to Turkey amounted to $7.91 billion, consisting mostly of hydrocarbon products. Russian imports from Iran reached $930 million during
the last ten months of 2025, while its exports to Iran totaled $1.36 billion. In 2022, Russia exchanged grains, gold, and timber for Iranian agricultural products. Cooperation expanded with a new trade route via the Caspian Sea, according to reports.
In July, news emerged that Ukraine fired upon vessels it claimed were transporting military shipments linked to Iran in the Caspian Sea, sparking Tehran's discontent. Iranian exports to Iraq during the last ten months of 2025 amounted to $7.91 billion, against
Iraqi imports valued at approximately $450 million. The trade volume between Iran and India decreased from $17 billion in 2018-2019 to $1.7 billion in 2024-2025, according to India's Ministry of Commerce. India, seeking to diversify its energy sources since the Strait
of Hormuz crisis, imported approximately 276,000 barrels of oil per day from Iran in mid-April, based on maritime tracking data. German exports to Iran reached $1 billion between January and November 2025, according to the German Federal Statistical Office. Imports from
Iran, meanwhile, amounted to approximately $253 million during the same period. Sri Lanka exported goods worth $68 million to Iran in 2024, an increase from $43 million in the previous year. Official imports from Iran ceased completely following the imposition of
US sanctions on Iranian oil. Japan's exports to Iran rose by 38% in 2024 to $89 million, while imports fell by 6.4% to $29 million. Exports included pharmaceuticals, cars, and electrical machinery, with imports focused on textile products and foodstuffs. The Philippines
exported goods worth $66 million to Iran in 2024, an increase from $38 million in the previous year. Philippine imports from Iran amounted to less than $190,000.
