75% Decline in Iran's Trade With Turkey

EghtesadOnline: Iran’s trade with Turkey totaled $719.53 million during January-April 2020 to register a decrease of about 75% compared with the corresponding months of 2019, data released by Turkish Statistical Institute show.

News ID: ۷۵۰۱۲۸

31 May 2020

Iran exported $289.1 million worth of goods to Turkey during the four months, indicating an 86.05% decline year-on-year.

Imports stood at $430.43 million, down 45.72% YOY.

Bilateral trade in April amounted to $74.55 million, going down by 89.54% compared to April 2019. Exports to Turkey accounted for $19.45 million of the figure, down 96.1% YOY, while Turkey’s exports to Iran stood at $55.1 million, down by 74.19% YOY.

Bazargan border crossing, located in northwest Iran, recently reopened following negotiations among Iranian and Turkish authorities after Turkish authorities closed it to prevent the spread of the new coronavirus.

Bazargan is a city and capital of Bazargan District in Maku County of West Azarbaijan Province. It is the most important Iranian land border for importing and exporting from and to Turkey.

According to Spokesman of the Islamic Republic of Iran Customs Administration Rouhollah Latifi, 60 Iranian trucks per day have been allowed to transfer goods to Turkey from Iran as per new agreements as of May 5, IRNA reported.

Razi border-crossing is Iran’s sole rail connection with Turkey. Prior to the opening of Bazargan, all trades were carried out via this gate.

A total of 18,000 tons of goods worth more than $41 million were exported from Razi border crossing in West Azarbaijan’s Khoy County through 813 cargo wagons during the first month of the current Iranian year (March 20-April 19), showing a sevenfold and 20-fold rise in tonnage and value respectively compared with the similar period of last year, according to superintendent of Razi Rail Customs Administration, Seifollah Rasi.

The main exported items were polyethylene, urea, copper ingots and watermelons.

Some 30,000 tons of goods worth around $40 million were transited through Razi border via 1,400 freight wagons over the same period, registering a 2.5-fold increase in weight year-on-year.

Rasi added that since the virus outbreak, the border crossing has been working round the clock.

Iranians topped the list of foreign home buyers in Turkey in March 2020.

With 465 houses, they were followed by Iraqis (426), Russians (227), Afghans (184) and Palestinians (119), according to Turkish Statistical Institute.

A total of 108, 670 houses were sold in Turkey in March, marking a 3.4% increase compared with the same month of last year

Istanbul had the highest share with 19,846 sold houses, up 18.3% year-on-year.

It was followed by the capital, Ankara, with 12,409 house sales and Izmir, with 7,131 house sales, holding a share of 11.4% and 6.6% respectively.

Home sales to foreigners decreased by 3% in the month under review compared to the same month of last year, totaling 3,036.