Turkey-Iran Trade Grows 39% in 1st Five Months

Date: 03 July 2022 - 21:58

News ID: ۱۰۴۳۹۷

TEHRAN - Turkish Statistical

Institute data show the value of trade between Iran and Turkey increased by 39 percent to $2.7 billion in the first five months of 2022, up from $1.9 billion during the same period a year earlier.

According to the figures, the first five months of this year saw a 57-percent growth in Iran’s exports to neighboring Turkey, reaching $1.5 billion in value.

Iran’s imports from its northwestern neighbor also marked a 21-percent rise to hit $1.5 billion from January up to June this year, in comparison with the same time span in 2021, the data showed.

Neighbors Accounted for 51% of Iran’s Total Exports

The Iranian Customs Organization’s spokesman Seyyed Ruhollah Latifi has said non-oil trade between the country and neighbors in the first quarter of this Persian year was $12.36bn. Latifi added that neighbors accounted for 51 percent of Iran’s total exports.

Latifi added that the top five destinations of Iran’s exports were respectively Iraq, Turkey, the UAE, Afghanistan and Oman.

The administration of President Ebrahim Raisi has repeatedly said that in its foreign policy, neighbors are the top priority in terms of economic and trade ties.

Iran’s revenues from exports to neighbors during Raisi’s tenure has increased as per official figures.

This comes as Iran has been under harsh economic sanctions imposed by the U.S.