Sunday, 02 October 2022 11:31

Exports to Turkey increases 49% in 8 months Featured

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TEHRAN - The value of Iran’s exports to neighboring Turkey increased by 49 percent to reach $2.382 billion in the first eight months of 2022, according to the figures recently released by the Turkish Statistical Institute.

Iran had exported $1.592 billion worth of goods to Turkey in the previous year’s first eight months, the mentioned data showed.

During the said period, the total trade between Iran and Turkey increased by 29 percent to $4.332 billion, up from $3.344 billion in January-August 2021.

Based on the mentioned data, Iran’s imports from the country also marked an 11-percent rise to hit $1.950 billion during the January-August period, in comparison with the same time span in 2021.

The two countries’ trade balance in the first eight months of 2022 was $432 million in favor of Iran.

According to the Turkish Statistical Institute, the country exported $248 million worth of goods to Iran in August, while the imports from the Islamic Republic stood at $237 million in the mentioned month.

Turkey's exports to Iran grew by 1.2 percent this month and imports from the Islamic Republic increased 10 percent compared to the same month last year.

Increasing non-oil exports to neighboring countries is one of the major plans that the Iranian government has been pursuing in recent years.

Having 543 kilometers of shared border with Iran, Turkey is among the country’s top trading partners.

Earlier in July, high-ranking officials from the two countries discussed ways of expanding economic relations along with political ties in a Turkish-Iranian High-Level Cooperation Council in Tehran.

During the meeting, which was co-chaired by Iranian President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan, the two sides stressed the need for taking new measures for the expansion of trade ties.

The value of Iran’s exports to Turkey increased by 61 percent to reach $1.904 billion in the first half of 2022.

The trade between the two countries had also increased by 37 percent to $3.365 billion, up from $2.448 billion during the same period a year earlier.

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