Iran and Turkey traded $432.58 million worth of goods in January 2022 to register a 52.51% rise compared with January 2021.
Iranian exports stood at $264.24 million, up 89.21% year-on-year, while imports grew by 16.91% to $168.34 million, latest data by Turkish Statistical Institute show.
Iran and Turkey traded $4.77 billion worth of goods in 2021 to register a 69.12% rise compared with the preceding year. Iranian exports stood at $2.52 billion, up 145.18% year-on-year, while imports grew by 25.5% to $2.25 billion.
Monthly trade between Iran and Turkey fell below $300 million in September 2020, mostly due to a decline in Iran's exports to the neighboring country, following Covid-19 restrictions. However, trade started to improve in December, raising hopes for recovery from the impact of the pandemic.
Bilateral trade stood at $3.43 billion in 2020, registering a decline of 45.82% compared with 2019.
Iran exported $1.192 billion worth of goods to Turkey in 2020 to register a 66.9% year-on-year decline while imports from Turkey stood at $2.245 billion, down 17.97% YOY. Turkey’s aggregate value of exports amounted to $169.482 billion, down 6.3% while imports hit $219.397 billion in 2020, up 4.3%, compared with 2019.
Bazargan in Maku County is the most important Iranian land border for importing and exporting from and to Turkey. The city borders both Iraq and Nakhchivan Autonomous Republic. Its customs office, established in the fiscal 1926-27, is the only international border between Iran and Turkey that works round the clock.
A total of 161,913 tons of goods worth $633.55 million have been exported from Bazargan since the beginning of the current Iranian year (started March 21, 2021), registering a 51% and 73% year-on-year growth in weight and value respectively, a local customs official said on Feb. 27.
Exports included petrochemical products, agricultural crops, stone, ceramic and glassware, textile and metal scrap.