Bilateral trade between Iran and Turkey in June 2020 has reached $181.17 million indicating a 210.91% rise in comparison with May, data released by Turkish Statistical Institute show.
Iran exported $43.47 million worth of goods to Turkey in June to register a 102.67% month-on-month growth.
Iran’s imports from Turkey in June stood at $137.7 million, up 316.11% compared to May.
Iran’s exports to Turkey increased by $43.47 million or 102.67% month-on-month, and its imports from Turkey increased by $137.7 million or 316.11% in June compared to May.
This came as the two neighboring countries gradually reopened their border-crossings after they were closed due to the outbreak of the coronavirus in the region.
Commercial exchanges between Iran and Turkey are carried out via three border crossings of Razi, Bazargan and Serow.
The two countries are also connected by railroad via Razi border-crossing.
Bilateral trade, down YOY
The report by the Turkish Statistical Institute also shows that Iran’s trade with Turkey totaled $1.07 billion during January-June to register a decrease of 72.54% compared with the first half of 2019.
Iran exported $417.5 million worth of goods to Turkey during the six months under review to register an 84.64% year-on-year drop.
Imports stood at $652.19 million, down 44.63% YOY.
Iran was Turkey’s 33rd biggest trading partner during the period.
More specifically, Iran was 26th biggest export destination and 43rd biggest exporter of goods to the country during the six months.
The huge decline in bilateral trade comes as the two countries have been hit hard by the new coronavirus pandemic since early 2020.