TEHRAN – The value of non-oil trade between Iran and Turkey stood at $4.125 billion during the first four months of the current Iranian calendar year (March 20-July 21), the head of the Islamic Republic of Iran Customs Administration (IRICA) announced.

As announced, Turkey was Iran’s second biggest trade partner among the neighboring countries during the four-month period.

In early July, Director of Asia and the Pacific Office of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) International Affairs Department Niloufar Asadi said a Free Trade Agreement (FTA) between Iran and Turkey should replace the previous trade agreements between the two countries to boost economic exchanges.

In a meeting with the Consul General of Iran in Istanbul, Asadi referred to a previously reached preferential trade agreement between Iran and Turkey under the framework of the Group of Eight Developing Islamic Countries (D8) and said: “Considering the shortcomings of the previously signed preferential trade agreement and the necessity to improve and develop it, I suggest that a free trade agreement between the two countries replaces the previous agreements.”

The trade exchanges between Iran and Turkey in the first five months of 2024 reached $2.3 billion, showing a five percent increase compared to the same month last year.

According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at $2.189 billion in January-May 2023.

As announced by the head of the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s non-oil export to its neighbors increased by 16 percent during the first four months of the current Iranian calendar year, as compared to the same period of time in the past year.

Mohammad Rezvanifar said that the country exported 26.981 million tons of non-oil commodities worth $10.642 billion to its neighbors in the mentioned four-month period, indicating also six percent rise in terms of weight year on year.

The official further announced that Iran imported 7.215 million tons of non-oil goods valued at $9.179 billion from the neighboring countries during the first four months of the current year, with one percent growth in terms of weight and four percent fall in terms of worth, as compared to the same period of time in the past year.

According to the official, Iran's trade balance with 15 neighboring countries has been positive by 1.5 billion dollars without considering oil, during the said four-month period.

As previously announced by the IRICA head, in the first four months of the current Iranian calendar year, the country exported $17.5 billion non-oil goods, registering an 8.0 percent growth, year on year.

Rezvanifar put the total value of the country’s non-oil trade in the mentioned four months at $36 billion.

According to the official, Iran imported $18.5 billion worth of non-oil products, about 6.0 percent less than the figure for the previous year’s corresponding period.

The country’s trade balance was $1.0 billion negative in the mentioned four months, indicating a significant decline compared to the previous year’s same period.

In the first four months of the previous Iranian year, the country’s export of non-oil goods stood at nearly $16 billion, while the imports during this period were about $19.5 billion. The trade balance of the country was negative $2.5 billion during this period.

MA