Iran's Trade With Turkey Down 77%

EghtesadOnline: Iran’s trade with Turkey totaled $803.59 million during the first five months of 2020 (January-May) to register a decrease of 77.62% compared with the corresponding months of 2019, data released by Turkish Statistical Institute show.

News ID: ۷۵۰۳۸۷

05 July 2020

Iran exported $331.67 million worth of goods to Turkey during the five months under review, to see an 87.1% year-on-year drop.

Imports stood at $471.9 million, down 53.85% YOY.

Bilateral trade amounted to $86.21 million in May to register an 88.15% decline compared to May 2019. Exports to Turkey accounted for $42.34 million of the figure, down 91.5% YOY, while Turkey’s exports to Iran stood at $8089 million, down by 74.19% YOY.

Iran was Turkey’s 36th biggest trading partner during the period under review.

More specifically, Iran was 27th biggest export destination and 42nd biggest exporter of goods to the country during the five months.

Data released by the Islamic Republic of Iran Customs Administration on Iran's non-oil trade show liquefied natural gas, non-alloy zinc, aluminum, urea and bitumen were Iran’s main goods exported to Turkey, while Turkey exported mainly cooking bananas, tobacco and fiber during the fiscal 2018-19.

Border Status

According to Spokesman of the Islamic Republic of Iran Customs Administration Rouhollah Latifi, Iran's Razi and Bazargan rail border crossings with Turkey are active and bilateral trade is taking place through the two countries’ railroads.

The chairman of Iran-Turkey Chamber of Commerce recently said land and rail borders with the neighboring country are open for trade, although each country only allows the entry of its own citizens.

Sa’adat Dehqan added that air routes are scheduled to reopen on August 5.

On February 23, Turkey closed its land borders with Iran and suspended all incoming flights from the country in an effort to stem the tide of the coronavirus.

Three border crossings of Razi, Esendere (Serow) and Bazargan remained closed until June 4.

“At present, the three border crossings are open round-the-clock but the traffic is slow and the average waiting time for trucks carrying Iranian products to Turkey and Europe is higher at Bazargan due to the strict supervision and monitoring of Turkish government,” Dehqan was quoted as saying by Otaghiranonline.ir.

“Transportation is only possible by rail at Razi border checkpoint, Iran’s sole rail connection with the neighboring country. In addition, Turkish citizens are allowed to pass through Serow border-crossing. All in all, exports to Turkey and European countries through transshipment has o normalized.”

Resumption of Flights

A domestic airline will resume flights between Tehran and Istanbul as of August 1 while Turkish Airlines, the national flag carrier airline of Turkey, has already started selling tickets on the same route for July 16 onward, according to Secretary of the Association of Iranian Airlines Maqsoud Asadi-Samani.

“At present, Qatar Airways is selling Tehran-Doha-Istanbul tickets, prices of which range from 60 million rials ($300) to 150 million rials ($750); the prices of Turkish Airlines tickets for direct flights between Tehran and Istanbul, from July 16 onward, are valued at 25 million rials ($125) to 38.5 million rials. Currently, the Iranian local airline is offering tickets valued at 15 to 19 million rials [$75-95]," he was quoted as saying by Mehr News Agency.