Trade between Iran, Turkey reaches USD1.75B in January-April 2024

(MENAFN) Trade between Iran and Turkey has reached USD1.75 billion in the initial four months of 2024, as revealed by a report from the Turkish Statistical Institute (TurkStat). This figure signifies a modest two percent increase when compared to the USD1.72 billion recorded during the same period last year. Notably, the trade volume between the two neighboring nations amounted to USD386 million in April 2024, reflecting a noteworthy 12 percent surge from April 2023.

During the period of January to April, Turkey exported approximately USD1.05 billion worth of goods to Iran, marking a notable 16 percent rise from the USD900 million reported in the corresponding period of the preceding year. Conversely, Iran's exports to Turkey during these four months totaled USD700 million, witnessing a decline of 14 percent compared to the USD820 million recorded in the same timeframe of the previous year.

The overall trade between Iran and Turkey in 2023 amounted to USD5.490 billion, indicating a reduction of 14 percent. However, in 2022, the value of Iran's exports to Turkey experienced a significant 19 percent increase, reaching USD3.35 billion. This contrasts with the USD2.82 billion worth of imports from Iran reported by Turkey in 2021.

Furthermore, the trade dynamics between the two countries saw a notable rise in 2022, with a 15-percent increase compared to the previous year. The trade volume reached USD6.42 billion in 2022, contrasting with the USD5.59 billion recorded in 2021. These trends underscore the evolving nature of economic interactions between Iran and Turkey, demonstrating both growth and fluctuations over recent years.

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