Iran-Turkey Trade Ties Show Slight Decline in January 2023
Date
3/26/2023 4:29:03 AM
(MENAFN) According to recent data released by the Turkish Statistical Institute, the value of trade between Iran and Turkey stood at USD494 million in January 2023, showing a three percent decline from USD510 million in January 2022. Turkey's export to Iran, however, increased by 11 percent to USD241 million from USD216 million in the same month of the previous year. Conversely, Iran's monthly export to Turkey fell by 14 percent to USD253 million from USD294 million.
Based on previously released data by the Turkish Statistical Institute, the value of Iran's exports to Turkey increased by 19 percent to USD3.35 billion in 2022. Turkey had imported over USD2.82 billion worth of commodities from Iran in 2021. Additionally, Iran's imports from Turkey marked an 11-percent rise to reach USD3.07 billion in the past year, compared to USD2.77 billion in 2021.
The trade between Iran and Turkey has registered a 15-percent rise in 2022, with the value of trade reaching USD6.42 billion, whereas the figure stood at USD5.59 billion in the preceding year. Despite the slight decline in trade value in January 2023, Iran's trade balance with Turkey has been USD280 million positive in favor of Iran in the past year.
The latest data released by the European Union's statistics office Eurostat indicates that Iran exported over nine billion cubic meters of natural gas to Turkey in 2022, showing an eight percent drop from the 10.288 bcm of export in 2021.
The Turkish-Iranian High-Level Cooperation Council, a meeting co-chaired by Iranian President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan, discussed ways of expanding economic relations and political ties in July 2022. During the meeting, President Raisi expressed Iran's determination to expand economic relations with neighboring countries and proposed increasing annual trade exchanges between Iran and Turkey to USD30 billion.
On the sidelines of the meeting, Iranian Energy Minister Ali-Akbar Mehrabian held talks with Turkish Minister of Energy and Natural Resources Fatih Dönmez to exchange views on cooperation in energy fields. The two sides also negotiated the extension of the gas export contract between Iran and Turkey for the next 25 years.
Overall, despite the slight decline in trade value in January 2023, the trade ties between Iran and Turkey have been progressing positively, with a notable increase in trade value in 2022. The continued expansion of economic and political relations between the two countries is expected to have a positive impact on their respective economies.
MENAFN26032023000045014228ID1105862432
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.