Domestic Economy

Iran's Trade With Turkey at $1.4b

Iran's Trade With Turkey at $1.4b
Iran's Trade With Turkey at $1.4b

Iran’s trade with Turkey totaled $1.39 billion during the first seven months of 2020 (January-July) to register a decrease of 67% compared with the corresponding period of 2019, latest data released by Turkish Statistical Institute show.
Iran exported $509.31 million worth of goods to Turkey during the period to register an 81.95% year-on-year drop. This is while imports stood at $877.9 million, down 37.06% YOY.
Bilateral trade amounted to $318 million in July to register a mild decrease of 0.54% compared to July 2019. Exports to Turkey accounted for $91.81 million of the figure, down 10.66% YOY, while Turkey’s exports to Iran stood at $226.19 million, up by 4.26% YOY.
The huge decline in bilateral trade comes, as the two countries have been hit hard by the new coronavirus pandemic since early 2020. However, the trend seems to be reversing in the past two months. 
Iran-Turkey’s monthly trade had fallen to under $100 million in the past few months.


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