Economy, Business And Markets

Iran's Trade With Turkey Up 15 Percent

Trade With Turkey Up 15 Percent
Trade With Turkey Up 15 Percent

Latest statistics on Iran-Turkey trade released by the Turkish Statistical Institute show the neighboring countries exchanged $9.1 billion worth of goods during the 10 months to Oct. 31, registering a 15% increase compared with last year's corresponding period.

Iran's exports to Turkey during the period considerably went up by 79% to stand at $6.5 billion.

Turkey's exports to Iran had a 39% decrease year-on-year and reached $2.6 billion.

According to Tasnim News Agency, oil and gas are Iran's main exported commodities to Turkey, which also have seen an increase in price during recent months. Iran was Turkey's 14th biggest export destination and eighth biggest importer during the 10-month period.

A review of the past six years ending March 20, 2017, shows Iran’s trade with Turkey peaked in the last Iranian year (March 2016-17) at $5.92 billion.

Iran and Turkey are signatories to a preferential trade agreement since 2014.

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