Iran-Turkey trade hits $1.75 billion in four months

Iran and Turkey have exchanged as much as $1.75 billion worth of goods in the first four months of 2024, according to a report by the Turkish Statistical Institute (TurkStat).

The figure shows a two percent growth compared to the $1.72 billion reported in last year’s corresponding period.
The report also indicated that the trade volume between the two neighbors stood at $386 million in April 2024, a 12 percent increase over the same month in 2023.

Turkey exported some $1.05 billion worth of commodities to Iran during January-April, up 16 percent compared to $900 million in the same period of last year, the report suggested.
It also noted that Iran’s four-month exports to Turkey have reached $700 million, marking a 14 percent decline compared to the $820 million reported in last year’s corresponding period.

The trade exchange between Iran and Turkey stood at $5.490 billion in 2023 with a decrease of 14 percent.
Based on the data previously released by the Turkish Statistical Institute, the value of Iran’s exports to Turkey increased by 19 percent to reach $3.35 billion in 2022.

Turkey had imported over $2.82 billion worth of commodities from the Islamic Republic in 2021.
Based on the mentioned data, Iran’s imports from the country also marked an 11-percent rise to hit $3.07 billion in the past year, in comparison with 2021, when the figure was $2.77 billion.
According to the Turkish Statistical Institute, the trade between the two countries registered a 15-percent rise in 2022 compared to 2021.

The value of trade between the two neighbors reached $6.42 billion in 2022, while the figure stood at $5.59 billion in the preceding year.
Iran's trade balance with Turkey was $280 million positive in favor of Iran in the past year.
Last July, Iran, and Turkey discussed ways of expanding economic relations along with political ties at the Turkish-Iranian High-Level Cooperation Council in Tehran.

During the meeting, which was co-chaired by the late President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan, the two sides negotiated the extension of the gas export contract between the two sides for the next 25 years.

In the meeting, President Raisi noted that the Islamic Republic of Iran is determined to expand economic relations with neighboring countries.
The president also evaluated Tehran-Ankara ties as positive and progressive, saying that the two countries should pursue appropriate policies to move towards increasing their annual trade exchanges to $30 billion.
On the sidelines of the mentioned meeting, Iranian Energy Minister Ali-Akbar Mehrabian also held talks with Turkish Minister of Energy and Natural Resources Fatih Dunmez in which the two sides exchanged views on cooperation in energy fields.

Source: Tehran Times