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Saturday, April 20, 2024 0:50 GMT
The value of trade between Iran and Turkey in almost seven months of 2020 has stood at around US$4.2 billion and the figure shows 67% drop comparing to the same period in 2019. According to the research and study department of Tehran Chamber of Commerce, the value of trade of goods between Iran and Turkey in the first seven months of 2020 stood at almost US$4.2 billion and it indicates a 67% fall comparing to the same period in 2019. Iran’s share of imports of this amount of trade was some US$509 million while its exports were around US$878 million. So Iran’s imports and exports with Turkey saw 82% and 37% fall in seven months of this year comparing to 2019, respectively.According to this report, the trade balance between Iran and Turkey has severely weakened and the main reason behind it was the strong fall in exports of Iran’s oil commodities to Turkey. The chamber’s report also blames the Coronavirus pandemic for this decline, claiming that despite downward trend of Iran’s exports to Turkey between months of March and April, it began upward trend from May and in July it hit US$92 million while Iran’s imports from Turkey which had started a downward trend since the beginning of 2020, in June began an upward trend.Iran’s oil products exports to Turkey in the first seven months of 2020 have decreased by 99% as the value of oil product exports has been around US$21 million in the same period. A drastic drop in Iran’s exports of oil products to Turkey has been reported as the major reason for the high decrease of bilateral trade between the two neighbors during the mentioned period of time. Earlier in June, land borders between Iran and Turkey reopened after more than three months. On the first day of border reopening, 150 Iranian trucks entered Turkey, according to the spokesman of the Islamic Republic of Iran Customs Administration (IRICA). Rouhollah Latifi said that the mentioned trucks entered Turkey via three land borders of Bazargan, Sero, and Razi. Also, 35 Turkish trucks entered Iran as the borders reopened, Latifi announced.The long-awaited measure came more than a week after Iranian and Turkish presidents discussed the reopening of air and land borders between the two countries when the pandemic slowed down. Iran sees trade with Turkey as key in efforts to confront the U.S. sanctions that have sought to undermine Tehran’s oil exports. Petrochemical products account for a major share of Iran’s exports to Turkey although the U.S. bans have made it difficult to settle payments between businesses in the two countries.Turkey also relies on Iran as a major market for its manufacturing goods, including industrial machinery and garment, while it also sends to Iran some sizable shipments of crops and fruits that are not cultivated in the country. - Tehran Times, Iran News Daily