The value of trade between Iran and Turkey fell 67 percent in the first seven months of 2020, from that of the same period of time in the past year, ILNA reported, citing the data released by Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA).
TCCIMA put Iran-Turkey's seven-month trade at $4.2 billion.
A drastic drop in Iran’s exports of oil products to Turkey has been reported as the major reason for the high decrease of bilateral trade between the two neighbors during the mentioned period of time.
Iran sees trade with Turkey as key in efforts to confront the U.S. sanctions that have sought to undermine Tehran’s oil exports. Petrochemical products account for a major share of Iran’s exports to Turkey although the U.S. bans have made it difficult to settle payments between businesses in the two countries.
Turkey also relies on Iran as a major market for its manufacturing goods, including industrial machinery and garment, while it also sends to Iran some sizable shipments of crops and fruits that are not cultivated in the country.