Iran and Turkey registered $4.29 billion in trade from the beginning of 2021 to the end of November to register a 75.95% growth compared with last year’s corresponding period.
Iran exported goods worth $2.22 billion during the period, up 147.42% year-on-year, while imports from Turkey grew by 34% YOY to $2.07 billion, latest data by Turkish Statistical Institute show.
Iran and Turkey exchanged $440.82 million worth of goods and commodities in November 2021, 84.81% higher than the value registered in the same period of last year.
Iranian exports to Turkey accounted for $292.66 million of the sum, up 147.42% YOY while Turkey’s exports to Iran stood at $219.3 million, up 26.41%.
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 on bilateral trade.
Bilateral trade stood at $3.43 billion in 2020, registering a decrease 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 collective 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.