TEHRAN, Nov. 15 (MNA) — Based on the figures released by the Turkish State Statistics Organization, Iran-Turkey trade exchanges during the first nine months of 2006 increased by 66 percent in comparison with the figures for the same period last year and hit $5.123 billion.

During the same period in 2005, Iran-Turkey trade exchanges reached $3.84 billion, MNA on Wednesday quoted the Turkish Weekly as saying in its Nov. 14 edition.

In the first nine months of 2006, Turkey's exports to Iran exceeded $696 million, indicating 2.6 percent growth compared to the amount for the same period last year, while its imports were $4.4 billion that is indicating a growth of 84.1 percent.

The total volume of trade exchanges between the two states surpassed $5 billion in the period, the report stated.

In the same period, Iran's share in Turkey's total export and import were 1.1 percent and 4.4 percent, respectively.

The value of Turkish foreign trade in the first nine months of the current year exceeded $161 billion, showing more than 16.12 percent rise with regard to the period the year before.

The natural gas exports have been the most important factor in increasing Iran’s exports to its northern neighbor during 2006. However, Turkish experts maintain that $10 billion trade volume is a realistic target for the short-term trade relations between the two nations.