Iran and Turkey experienced a major rise in their bilateral trade over the calendar year to March 20 as shipments rose in value terms despite a fall in volume.
According to an analysis of trade figures from the Iranian customs office (IRICA) published by the IRIB News on Sunday, trade between Iran and Turkey had reached a total of $12.7 billion in the last Iranian calendar year, up 19% from the year to March 2022.
The report said that Iran-Turkey trade had increased by 115% in terms of the Iranian currency over the period.
That comes as shipments traded between Iran and Turkey fell by nearly 7% in volume terms in the year to late March, a sign that businesses in the two countries had opted for the trade of commodities with more added value, said the report.
Iran’s exports to Turkey rose by 23% year on year to reach $7.5 billion over the past calendar year, according to IRICA figures which indicated that Turkey was the third largest customer of Iranian exports over the period.
Turkey was also the third largest exporter to Iran over the year to late March as shipments rose by 15% against the previous year to reach $5.2 billion, the customs data showed.
Iran has managed to maintain close ties with its major trade partners in recent years despite restrictions imposed by the United States on the country’s access to trade and banking services.
Iran’s non-oil exports reached a historic milestone of over $53 billion in the year to late March with China, Iraq and Turkey being the largest customers of Iranian goods and products over that period.