Trade between Iran, Turkey drops 67% in 7 months on year

Tehran Times – The value of trade between Iran and Turkey fell 67 percent in the first seven months of 2020, from that of the same period of time in the past year, ILNA reported, citing the data released by Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA).

TCCIMA put Iran-Turkey’s seven-month trade at $4.2 billion.

A drastic drop in Iran’s exports of oil products to Turkey has been reported as the major reason for the high decrease of bilateral trade between the two neighbors during the mentioned period of time.

Earlier in June, land borders between Iran and Turkey reopened after more than three months.

On the first day of border reopening, 150 Iranian trucks entered Turkey, according to the spokesman of the Islamic Republic of Iran Customs Administration (IRICA).

Rouhollah Latifi said that the mentioned trucks entered Turkey via three land borders of Bazargan, Sero, and Razi.

Also, 35 Turkish trucks entered Iran as the borders reopened, Latifi announced.

The long-awaited measure came more than a week after Iranian and Turkish presidents discussed the reopening of air and land borders between the two countries when the pandemic slowed down.

Iran sees trade with Turkey as key in efforts to confront the U.S. sanctions that have sought to undermine Tehran’s oil exports. Petrochemical products account for a major share of Iran’s exports to Turkey although the U.S. bans have made it difficult to settle payments between businesses in the two countries.

Turkey also relies on Iran as a major market for its manufacturing goods, including industrial machinery and garment, while it also sends to Iran some sizable shipments of crops and fruits that are not cultivated in the country.