Iran’s exports to Turkey down 74% y/y in October: Report
A study complied by the Tehran Chamber of Commerce (TCCIM) shows Iran’s exports to Turkey suffered a considerable decline in the 10 months to the end of October mainly because a drop in crude and oil product shipments.
Excerpts of the TCCIM analysis published Monday showed that shipments from Iran to Turkey had dropped nearly 74 percent year on year in October to $795 million.
The report said that the declined exports of crude and other oil products, including petrochemicals, were mainly a result of American sanctions on Iran’s energy sector.
Trade restrictions imposed to curb the spread of the coronavirus were also to blame, especially from March onwards when the number of infections reported in Iran began to grow, said the study, cited in a report by the semi-official ISNA news agency.
It said that Iran’s October exports to Turkey had remained stable on the previous month and against October 2019 at $94 million.
Total trade between Iran and Turkey in the 10 months to October declined by $1.7 billion to nearly $2.15 billion, showed the TCCIM analysis.
The figures showed that Iran’s imports from Turkey also fell by 29 percent year on year in October at $1.35 billion.
Main exports items from Iran to Turkey over the period were plastic materials, copper, fertilizers, aluminum, mineral fuels and precious stones while imports from Turkey mostly covered boilers, machinery and mechanical equipment, tobacco, paper and cardboard and timber, said TCCIM.
Recent figures released by the Iranian customs office shows Turkey is no longer among the top four export destinations for Iran as it came behind Iraq, China, the United Arab Emirates and Afghanistan in terms of the value of shipments received in the first 10 months of 2020.
Iran had a trade surplus of nearly $1.1 billion with Turkey in the 10 months to October 2019.
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