Iran and Turkey traded $2.35 billion worth of goods during January-May 2022 to register a 42.88% year-on-year rise, latest data by the Turkish Statistical Institute show.
Iran’s exports stood at $952.72 million, up 21.24% year-on-year, while imports grew by 62.7% to $1.4 billion.
Bilateral trade stood at $428.36 million in May, up 27.64% YOY, with Turkish exports at $253.7 million, up 42.38% YOY, and Iranian exports at $174.67 million, registering a 10.95% growth year-on-year.
Iran and Turkey traded $4.77 billion worth of goods in 2021 to register a 69.12% rise compared with the preceding year. Iranian exports stood at $2.52 billion, up 145.18% year-on-year, while imports grew by 25.5% to $2.25 billion.
Bilateral trade stood at $3.43 billion in 2020, registering a decline of 45.82% compared with 2019. Iran exported $1.192 billion worth of goods to Turkey in 2020 to register a 66.9% year-on-year decline while imports from Turkey stood at $2.245 billion, down 17.97% YOY.
Bazargan in Maku County is the most important Iranian land border for importing and exporting from and to Turkey. The city borders both Iraq and Nakhchivan Autonomous Republic. Its customs office, established in the fiscal 1926-27, is the only international border between Iran and Turkey that works round the clock.
Agreement to Boost Ties Signed on ECO Summit Sidelines
Turkey and Iran signed an agreement to improve relations in a meeting held at the 15th Economic Cooperation Organization Summit held in Turkmenistan's capital Ashgabat in November 2021.
Iranian Foreign Minister Hossein Amir-Abdollahian said on Twitter that Iranian President Ebrahim Raisi and his Turkish counterpart Recep Tayyip Erdogan have agreed to convene a high commission meeting during Erdogan's next visit to Iran's capital Tehran, Daily Sabah reported.
Describing relations between the two countries as "historic", Amir-Abdollahian said they have agreed to discuss the comprehensive improvement of relations and the removal of all obstacles.
Raisi and Erdogan held a closed-door meeting as part of the summit.
Preferential Trade Agreement
Finalizing ongoing talks with Iran for the expansion of the bilateral Preferential Trade Agreement is a priority for Turkey, Energy and Natural Resources Minister Fatih Donmez said.
“The trade deal came into effect on Jan. 1, 2015, and negotiations are underway to expand the pact by increasing the number of products traded between Turkey and Iran,” Donmez told the virtual 28th Turkey-Iran Economic Commission convened earlier this year.
Customs cooperation was another topic up for discussion at the meeting. Both sides agreed to devise an electronic data interchange protocol to carry out a simplified customs frontier project and the mutual recognition of an Authorized Economic Operator project.
These projects will have a positive impact on foreign trade by enabling easier and faster trade while eliminating bureaucratic procedures based on mutual trust, he added.
Both sides agreed to assign technical teams in the near future to put the plans into action.
“The two sides also agreed to increase fairs and exchange trade delegations to show our [Turkey’s] concrete support and the great importance attached to cooperation between private sector representatives,” he said.
“Support for the activities of the Turkey-Iran Business Council and other private sector establishments, notably small- and medium-sized enterprises, would also continue after the pandemic.”
Consequently, both sides agreed to hold talks on developing an “action plan” between the Small and Medium Enterprises Development Organization of Turkey and its Iranian equivalent, Iran Small Industries and Industrial Parks Organization.
Donmez concluded that the commission also addressed other areas of cooperation, including health, energy, transportation, education, environment, agriculture and forestry.
Iran-Turkey Weekly Flights Rise to 110
Ten weekly flights have been added between Iran and Turkey, according to the spokesman of the Civil Aviation Organization of Iran.
“The number of flights has increased to 110 per week from the previous 100 flights following higher demand,” Akbar Razavi was also quoted as saying by IRNA.
Iranians top the list of foreign visitors to Turkey. They are also the biggest foreign buyers of property in the neighboring country.
Istanbul, Antalya and Ankara are among popular destinations for both tourists and home buyers in Turkey.
