June 29, 2022

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Value of Iran’s export to Turkey rises 60%

TEHRAN- The value of Iran’s export to Turkey rose 60 percent in the first four months of 2022, as compared to the same period of time in 2021, according to the data released by Turkish Statistical Institute.

The released data show that Iran has exported commodities worth $1.231 billion to its neighbor in the four-month period.

Iran-Turkey four-month trade also increased 38 percent to stand at $2.175 billion, while the figure was $1.574 billion in the same time span of 2021.

Meanwhile, Turkey’s export to Iran rose 18 percent to stand at $944 million in the first four months of this year, while the figure was $799 million in the same period of time in the past year.

The value of trade between the two neighbors has increased 53 percent to $5.594 billion in 2021.

During a webinar, held in March, on trade relations between Iran and Turkey, which was held through cooperation between Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) and Istanbul Chamber of Commerce (ICOC), and attended by officials from both chambers and a group of entrepreneurs, ways to develop economic relations between the two countries and some problems in this due were examined.

In this virtual conference, which was attended by more than 250 entrepreneurs from Iran and Turkey, the opportunities for cooperation between the two countries were examined and the two sides emphasized the development of cooperation.

Addressing the conference, Nihat Alayoglu, the secretary-general of Istanbul Chamber of Commerce, referring to the political, economic and cultural similarities between Iran and Turkey, said: “The two countries have long-standing relations dating back more than 400 years, and more than 500 kilometers of common border, as well as several trade agreements with each other, in particular, the preferential trade agreement, which was concluded in 2015, is very important for both countries.”

He added that the value of trade between Iran and Turkey has increased from $1.2 billion in 2001 to about $5.6 billion in 2021. Of this amount, $2.7 billion is allocated to Turkish exports to Iran and $2.8 billion is related to Iran’s exports to Turkey. Machinery and equipment are among the top exports of Turkey to Iran, and mainly materials such as copper and plastic are imported from Iran.

Noting that Turkey accounts for seven percent of Iran’s $39-billion imports, he added: “Our goal is to increase Turkish exports to Iran to $10 billion, and it is obvious that the two countries’ chambers of commerce have a role to play in increasing trade cooperation.”

Bahman Eshqi, the secretary-general of Tehran Chamber of Commerce, for his part put emphasis on the significance of expanding economic ties between Iran and Turkey, and said, “Turkey is one of the gateways of Iran’s economy to Europe, and Iran is one of the gateways connecting Turkey to the Silk Road and the lands of the Commonwealth of Independent States (CIS) members. Iran can also be the main gateway for Turkey to join India and the subcontinent.”

Emphasizing that economic cooperation between the two countries is a necessity, Eshqi continued: “Compromise between the two nations has been strong for the last three centuries, and although at times there have been competitions between the two countries, Iran-Turkey cooperation is still developing.”

MA/MA

Original News : https://www.tehrantimes.com/news/473842/Value-of-Iran-s-export-to-Turkey-rises-60

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