Iran-Turkey trade indicates 16 percent fall in first 10 months of 2023, amounting to USD4.4B
(MENAFN) Trade between Iran and Turkey during the first 10 months of 2023 amounted to USD4.4 billion, indicating a 16 percent decrease compared to the same period last year. Data from the Turkish Statistical Institute (TURKSTAT) revealed that Turkey's exports to Iran from January to October 2023 reached USD2.55 billion, marking a 3 percent increase compared to the corresponding period in 2022. Meanwhile, Turkey's imports from Iran saw a 34 percent decline, dropping from USD2.81 billion in the first 10 months of 2022 to USD1.85 billion in the same period of 2023.
The recent figures show a shift in the trade dynamics between the two countries compared to the previous year. In 2022, Iran's exports to Turkey increased by 19 percent to reach USD3.35 billion, while imports from Turkey rose by 11 percent to hit USD3.07 billion. Overall, the trade balance favored Iran by USD280 million in 2022. The trade between Iran and Turkey has been a subject of discussions and collaborations, including the Turkish-Iranian High-Level Cooperation Council held in Tehran last July, where both nations explored opportunities to enhance economic and political relations.
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