A recent report by the Turkish Statistical Institute (TURKSTAT) suggests that Iran’s trade exchanges with Turkey reached $2.3 billion over the first five months of 2024.

The five-month trade between the two neighbors shows a 5 percent increase compared to last year’s corresponding period when the figure stood at $2.189 billion.  

Turkey exported some $1.340 billion worth of goods to Iran from January to May 2024, marking a 16% year-on-year rise, according to the report.

Turkey’s exports to Iran stood at $1.151 billion during the same period of 2023.

Iran’s exports to the eastern neighbor was also reported at $960 million in the period under review, 7% down from $1.038 billion reported in January-May 2023.