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Iran’s Trade With Turkey Takes A Big Downturn

IRAN -- An Iranian woman visits the 28th handmade carpet exhibition at the international exhibition complex, in Tehran, August 26, 2019

Iran's total exports to Turkey, including oil and gas in the first eight months of 2019 has amounted to nearly $2.9 billion, which shows a 43% decline compared with the previous year, Turkish official statistics show.

The reason behind the significant drop is the substantial decrease in Iranian oil exports to its western neighbor.

The Turkish Statistical Institute (TSI) has published the data concerning the eight-month trade with Iran.

Based on the TSA's latest data, Turkey imported almost no crude oil consignment from Iran last June and July.

In total, Turkey only imported less than 2.1 million tons of crude oil from Iran in the first seven months of the current year, which shows a 54% drop compared with the same period in the previous year.

Meanwhile, Iranian natural gas exports to Turkey dropped 5%, amounting to four billion and 359 million cubic meters.

Turkey's exports to Iran in the first eight months of 2019 also show a 7% decline, amounting to one billion and 568 million dollars.

Furthermore, Iran's trade (exports and imports) with Turkey totaled $4.47 billion during the first eight months of 2019, showing a decline of 33.87% compared with the same period in 2018, TSA says.

Iran exported $2.9 billion worth of goods to Turkey during the period under review, indicating a 42.98% decline year-on-year.

Turkey's main exports to Iran were automotive supply products, fiberboard, paper and paperboard, tobacco, zinc ores, nonwovens, hygienic towels, and diapers

According to TSA, Turkey's main imports from Iran in the same period were raw petroleum materials, natural gas, plastics in primary forms, metals other than iron, and organic chemicals.

The decline in the Islamic Republic's exports is not limited to Turkey. The latest

data show that major buyers of Iranian oil, specifically India, have decided to avoid any deal with Tehran.

Indian imports from Iran almost totally stopped in August and dropped threefold in the first eight months of the current year.

However, Indian exports to Iran have significantly soared, reaching a new peak in the same period.

(millions of U.S. dollars)\
PeriodExports to IranY/Y ChangeImports from IranY/Y Change
China8 months6,310-41%10,122-36%
India8 months306146%3245-70
South Korea8 months206-90%2100-48%
Japan7 months34-93%1158-51%
Turkey8 months1568-7%2906-43%
E.U.6 months2350-53%459-93%
Russia7 months99640%334-8%