Iran-Turkey Trade Falls by 67% in H1
IRAN NEWS ECONOMIC DESK
TEHRAN – The value of trade between Iran and Turkey in almost seven months of 2020 has stood at around $4.2b and the figure shows 67 percent drop comparing to the same period in 2019.
According to the research and study department of Tehran Chamber of Commerce, the value of trade of goods between Iran and Turkey in the first seven months of 2020 stood at almost $4.2b and it indicates a 67% fall comparing to the same period in 2019. Iran’s share of imports of this amount of trade was some $509m while its exports were around $878m. So Iran’s imports and exports with Turkey saw 82 and 37 percent fall in seven months of this year comparing to 2019, respectively.
According to this report, the trade balance between Iran and Turkey has severely weakened and the main reason behind it was the strong fall in exports of Iran’s oil commodities to Turkey.
The chamber’s report also blames the Coronavirus pandemic for this decline, claiming that despite downward trend of Iran’s exports to Turkey between months of March and April, it began upward trend from May and in July it hit $92m while Iran’s imports from Turkey which had started a downward trend since the beginning of 2020, in June began an upward trend.
Iran’s oil products exports to Turkey in the first seven months of 2020 have decreased by 99 percent as the value of oil product exports has been around $21m in the same period.
