Sharp decline in Iran, Turkey’s trade turnover

Business Materials 3 February 2016 14:17 (UTC +04:00)

Baku, Azerbaijan, Feb. 3

By Farhad Daneshvar - Trend:

Trade turnover between Iran and Turkey has dropped by 29 percent over the last year.

According to latest statistics released by the Turkish Statistical Institute, the exports of Turkey to Iran in 2014 valued about $3.88 billion, while the figure fell to $3.66 billion in 2015 which shows a 5.7 percent decline.

In 2014, Turkey imported goods worth $9.83 billion from Iran, however the figure dropped to $6.09 billion showing a 38 percent decline.

Meanwhile the trade turnover between the countries was $13.71 billion in 2014 which stood at $9.76 billion in 2015, indicating a 29 percent plunge.

The sharp decline comes amid plans to boost the annual trade turnover between Tehran and Ankara to $30 billion.

Last November Iranian and Turkish top economic officials urged for increasing the volume of the bilateral trade between the two countries to $30 billion a year.

Turkey ranks fourth by the volume of products imported to Iran. In 2014, Iran's non-oil exports to Turkey reached $2.15 billion. At the same time, Iran on the daily basis exports about 0.1 million barrels of crude oil and 27 million cubic meters of gas to Turkey.

Moreover, Turkey imported 2.4 billion kilowatt-hours of electricity from Iran in 2014.