Iran-Turkey trade turnover continue dropping amid global economic crisis

Baku, Azerbaijan, April 3

Farhad Daneshvar - Trend:

Iran-Turkey trade turnover volume dropped by 32.7 percent in the first two months of the current year.

According to the latest statistics released by the Turkish Statistics Institute, trade turnover between Iran and Turkey stood at $1.324 billion in February and January 2016 which indicates 32.7 percent compared to $1.968 billion in the same period of last year.

While Turkey's exports to Iran in Feb and Jan 2015 valued $667.8 million, the recent statistics has revealed that the figure has dropped by 16 percent falling to $561.1million for the same months in 2016.

Meanwhile, Turkey's imports from Iran reduced by 41.3 percent and stood at $763.6 million in the mentioned period.

The trade turnover between Iran and Turkey dropped by 29 percent in 2015 compared to 2014 as the figure in 2014 was $13.71 billion which stood at $9.76 billion in 2015.

Back in 2014 the exports of Turkey to Iran valued about $3.88 billion, while the figure fell to $3.66 billion in 2015 which indicated 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.

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.

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.
Observers suggest that the decline came amid global economic crisis ruling out the role of the political issues in the decline.

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