Iran-Turkey Trade Transactions Down By 14%

Ankara, Oct 22, IRNA – Trade transactions between Iran and Turkey in the first eight months of the current year amounted to $8.882.518 billion showing a drop of 14.23% as compared to the same period last year. However, since the start of the second half of the second year a relative increase has been noticed in trade transactions between the two countries. The volume of Iran-Turkey trade in the first eight months of the last year amounted to $10.357.199 billion but this year the figure made a decrease of $1.474.681 billion. Turkish foreign trade statistics show that in the same period, Turkish exports to Iran amounted to $2.078.948 billion and its imports from Iran amounted to $6.803.570 billion. During the same period last year Turkish exports to Iran amounted to $3.132.343 billion and its imports from Iran amounted to $7.449.061 billion. Out of the 14.23% decrease in trade transactions between Iran and Turkey 33.6% was in Turkey’s exports to Iran and 5.6% in its imports from Iran. Last year Turkey’s total exports to Iran amounted to $4.192.484 billion and its imports from Iran which was mainly oil and gas amounted to $10.383.216 billion which put the volume of bilateral trade transactions at $14.575.700 billion. Due to imposition of sanctions against Iran and inclusion of gold trade in the list of sanctions as well as oil sanction, the volume of bilateral trade dropped drastically last year. It is hoped that with the implementation of trade preference agreement between the two countries which includes 320 commodities of the two sides, trade transactions enjoy a boost. Iran and Turkey are decisive to reach the volume of bilateral trade to $35 billion in the short run. Iran and Turkey have discussed the process of bilateral trade cooperation upon operation of the agreement on trade preferences between the two countries. A 19-member delegation from Iran Trade Development Organization is in Istanbul to meet with members of the board of directors of MUSIAD (Independent Industrialists’ and Businessmen’s Association of Turkey)./end