Mutual trade between Iran and Turkey has recovered in October 2020 to reach the corresponding month of 2019, data released by Turkish Statistical Institute show.
Iran and Turkey exchanged $316.55 million worth of goods and commodities in October 2020, to register an increase in monthly trade after experiencing negative growth for several months due to the outbreak of the Coronavirus.
Turkey's October trade with Iran was 1.93% higher than in October 2019, the data shows.
Exports to Turkey accounted for $101.14 million of the figure, down 6.83% year-on-year, while Turkey’s exports to Iran stood at $205.411 million, up 6.64% year-on-year.
Monthly trade between Iran and Turkey fell to under $300 million in September, mostly due to a fall in Iran's exports to the neighboring country.
The two countries' bilateral trade stood at $2.6 billion during the first 10 months of 2020 (January-October) to register a decrease of 54% compared with the corresponding period of 2019.
Iran exported $883.5 million worth of goods to Turkey during the period to register a 73.9% year-on-year decline. Imports from Turkey stood at $1.7 billion, down 24.3% YOY.
The huge decline in bilateral trade comes, as the two countries have been hit hard by the new coronavirus pandemic since early 2020.