Iran-Turkey Trade Shrinks 73%
IRAN NEWS ECONOMIC DESK
TEHRAN – According to the official data released by Turkey, the trade volume between Iran and Turkey stood at around one billion dollars in the first half of 2020 which shows considerable 73 percent decline comparing to the same period in 2019.
According to data, the volume of Iran’s exports to Turkey has slumped by 85 percent while the country’s imports from Turkey have also witnessed 45 percent decline in the same period.
Tehran Chamber of Commerce in a report has reviewed the goods trade with Turkey in the first half of 2020. According to the report, the bilateral trade of Iran and Turkey has declined by 73 percent in the first half of the year.
The reason behind such a considerable decline in the value of Iran’s exported goods to Turkey is due to 99 percent decline in Iran’s non-oil goods. Over 76 percent decline of Iran’s 85 percent decline in its exports to Turkey was because of fall in exports of these goods.
Plastic and the related items topped Iran’s exports to Turkey while machineries and mechanical devices were major imports of Iran.
According to Turkey’s official statistics, the trade volume of Iran and Turkey was some $3.9b in the first half of 2019 and Turkey’s exports to Iran were some $1.2b in the same period, and in return, Iran’s exports to Turkey hit $2,7b.
Turkey’s exports in the first half of 2020 have declined to $652m which indicates 44.6 percent fall while Iran’s exports were valued at around $417m in the same period.