80% Jump in Iran’s Exports to Turkey in 7 Months

80% Jump in Iran's Exports to Turkey in 7 Months

The total value of Iran’s exports to Turkey during the first seven months of the current year has increased by 80 percent, compared to the same period last year, data released by Turkey showed.

Iran exported $4.5 billion worth of goods to Turkey from January to July 2017, indicating an 80% increase compared to a year earlier, in which the figure amounted to $2.5 billion, according to the Turkish Statistical Institute.

The total value of bilateral trade between the two neighboring countries over the mentioned period has also witnessed a 16 percent increase, reaching $6.3 billion.

The trade exchanges between Iran and Turkey from January to July 2016 had stood at $5.4 billion.

Oil and gas are Iran’s main exports to Turkey, according to the report.

Iran and Turkey have ramped up efforts to boost bilateral trade since the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The deal took effect in January 2016, terminating all nuclear-related sanctions on Iran.

In April last year, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.

The cooperation documents were signed in a ceremony in Ankara attended by the two countries’ presidents.

The documents covered a range of fields, including higher education, social security, plant maintenance services and standardization.

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