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Non-oil trade between Iran, Türkiye reaches USD4.12B in 4 months
(MENAFN) During the first four months of the current Iranian calendar year (March 20 - July 21), the value of non-oil trade between Iran and Turkey reached USD4.125 billion, according to the head of the Islamic Republic of Iran Customs Administration (IRICA). This makes Turkey Iran's second largest trade partner among neighboring countries for the period. The robust trade figures highlight the strong economic ties between the two nations.
In early July, Niloufar Asadi, Director of the Asia and Pacific Office of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) International Affairs Department, proposed that Iran and Turkey replace their existing trade agreements with a Free Trade Agreement (FTA). Asadi emphasized that the previous preferential trade agreement, which was part of the Group of Eight Developing Islamic Countries (D8) framework, had limitations. She suggested that an FTA could better address these issues and enhance bilateral economic exchanges.
The trade between Iran and Turkey continued to show positive growth into early 2024, with exchanges reaching USD2.3 billion in the first five months, marking a five percent increase from the same period the previous year. This follows the figures released by the Turkish Statistical Institute (TURKSTAT), which reported a trade value of USD2.189 billion between January and May 2023.
Additionally, the IRICA head reported a 16 percent increase in Iran’s non-oil exports to its neighboring countries during the first four months of the current Iranian calendar year, totaling 26.981 million tons worth USD10.642 billion. This period also saw a six percent rise in the weight of these exports year-on-year. In contrast, Iran imported 7.215 million tons of non-oil goods valued at USD9.179 billion from its neighbors, experiencing a one percent increase in weight but a four percent decrease in value compared to the previous year. Notably, Iran's trade balance with 15 neighboring countries was positive by USD1.5 billion, excluding oil, during this period.
In early July, Niloufar Asadi, Director of the Asia and Pacific Office of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) International Affairs Department, proposed that Iran and Turkey replace their existing trade agreements with a Free Trade Agreement (FTA). Asadi emphasized that the previous preferential trade agreement, which was part of the Group of Eight Developing Islamic Countries (D8) framework, had limitations. She suggested that an FTA could better address these issues and enhance bilateral economic exchanges.
The trade between Iran and Turkey continued to show positive growth into early 2024, with exchanges reaching USD2.3 billion in the first five months, marking a five percent increase from the same period the previous year. This follows the figures released by the Turkish Statistical Institute (TURKSTAT), which reported a trade value of USD2.189 billion between January and May 2023.
Additionally, the IRICA head reported a 16 percent increase in Iran’s non-oil exports to its neighboring countries during the first four months of the current Iranian calendar year, totaling 26.981 million tons worth USD10.642 billion. This period also saw a six percent rise in the weight of these exports year-on-year. In contrast, Iran imported 7.215 million tons of non-oil goods valued at USD9.179 billion from its neighbors, experiencing a one percent increase in weight but a four percent decrease in value compared to the previous year. Notably, Iran's trade balance with 15 neighboring countries was positive by USD1.5 billion, excluding oil, during this period.
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