Trade volume between Iran, Turkey exceeded $3.8bn in 4 months
From the start of the Iranian year on March 21 till July 22, trade between Tehran and Ankara increased greatly.
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Trade volume between Iran and Turkey has the potential to reach $30 billion
The value of trade between Iran and Turkey, according to an Iranian official, in the first four months of the Iranian year exceeded $3.8 billion.
Between March 21 and July 22, trade increased by 140% compared to the same period last year, according to Farzad Piltan, the director-general of the West Asia export department at the Trade Promotion Organization of Iran.
During the period, the value of Iranian exports to Turkey reached $2 billion, whereas Iran has imported $1.8 billion in commodities from Ankara.
Most of the items exported to Turkey include natural gas, urea, aluminum, zinc, copper cathode, wire, cable, iron ingot, steel, polymers, handicrafts, and jewelry.
Piltan also noted there are plans to minimize the export of raw materials, and rather add an added-value chain of Iran's commodities being exported to Turkey, revealing that Tehran seeks to promote exporting knowledge-based products and commodities with higher value.
In a July joint press conference between Iranian President Ebrahim Raisi and Turkish counterpart Recep Tayyip Erdogan, the former revealed that the current level of trade and economic ties with Turkey aren't satisfactory, saying that the volume of trade between the two can triple up to $30 billion per year.
Tehran and Ankara, according to Raisi, must develop investments and intend to extend the 25-year contract on Iranian gas export to Turkey.
