Iran posts first trade deficit with Turkey in 18 months: Report
A new report shows Iran’s trade surplus with Turkey has been narrowed to record lows as exports of oil and petrochemicals from Iran have significantly decreased this year.
The report published Thursday by Tehran chamber of commerce (TCCIM) said that Iran’s exports to Turkey began to fall significantly in June this year to stand at $148 million, down 70 percent compared to the same month in 2018.
It added that monthly exports was again down 30 percent at $103 million in July compared to the same month last year, giving Turkey a positive trade balance with Iran for a first time in 18 months.
The report covered in the ILNA agency did not elaborate on exact month-by-month figures of imports from Turkey in the same period.
However, it said the average monthly exports to Turkey decreased 30 percent to stand at $403 million this year while imports did not change significantly and remained at figures around $200 million.
The report further said the overall trade between the two countries until the end of July this year stood at $4 billion, down more than 33 percent compared to the similar seven-month period in 2018.
It estimated that year-on-year trade would decline by 24.5 percent at the end of 2019 if the current pace in bilateral trade is not changed.
The report was mostly consistent with Turkey’s estimates about bilateral trade with Iran as reports by Iran’s customs office normally exclude crude and gas exports, Iran’s main source of income.
Iran’s declined exports to Turkey comes despite measures adopted by the two neighboring countries to minimize the impacts of American sanctions on trade, including a preferential trade agreement the use of local currencies in economic relations.
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