Iran’s exports to Turkey down 7% y/y in Jan-May to $0.96bn
Figures released by the Turkish Statistical Institute show that Iranian exports to Turkey dropped 7% year on year in the five months to May.
The figures cited in a Monday report by the IRNA showed that Iran’s exports to Turkey had reached $0.96 billion in January-May, down from $1.038 billion in the same period in 2023.
The figures showed that Turkish exports to Iran had reached $1.34 billion in the five months to May, an increase of 16% year on year.
Trade between the two countries reached a total of $2.3 billion in January-May, up 5% from $2.189 billion in the same period last year, said the report.
The figures are another sign of booming trade between Iran and its western neighbor despite restrictions imposed on Iran’s oil and banking sectors because of US sanctions.
Figures by the European Union’s statistics agency, Eurostat, published in the Iranian media on Sunday showed that Turkey had resumed importing oil from Iran in March this year nearly four years after it cut shipments to zero to comply with US sanctions on Tehran.
Eurostat data showed that Turkey had imported 576 metric tons (mt) of oil from Iran in March and another 485 mt in April.
The last time Turkey had imported oil from Iran was in August 2020 when the country bowed to US pressure and stopped the imports.
Turkey imports sizable amounts of natural gas from Iran to meet the increasing demand for energy in its manufacturing sector.
The country is seeking to increase gas imports from Iran via a new scheme which allows Iran to import Russian gas and supply it to countries located to its west and east.
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