Recent statistics show that the Islamic Republic of Iran was the third major trade partner of Turkey in the first three quarters of 2012, PressTV reported.
According to the figures released by the Turkish Statistical Institute, the level of trade between Tehran and Ankara stood at USD 17.52 billion in the first eight months of the current year, ISNA reported.
Turkey imported USD 8.94 billion in goods from Iran, and exported USD 8.58 billion in goods to the Islamic Republic during this period.
Turkey's imports from Iran hit their highest monthly total in March 2012 with over 1.63 billion US dollars.
Meanwhile, highest monthly exports from Turkey to Iran were recorded in July 2012 with a total of more than 2.15 billion US dollars.
Iran and Turkey have sharply increased the level of their trade ties over the past years.
In 2000, the level of the bilateral trade stood at around one billion dollars, but in 2010, it exceeded USD 10 billion. The figure hit USD 15 billion last year.
The two sides seek to raise the value of their bilateral trade to USD 30 billion by 2015.