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.
| Period | Exports to Iran | Y/Y Change | Imports from Iran | Y/Y Change | |
|---|---|---|---|---|---|
| China | 8 months | 6,310 | -41% | 10,122 | -36% |
| India | 8 months | 3061 | 46% | 3245 | -70 |
| South Korea | 8 months | 206 | -90% | 2100 | -48% |
| Japan | 7 months | 34 | -93% | 1158 | -51% |
| Turkey | 8 months | 1568 | -7% | 2906 | -43% |
| E.U. | 6 months | 2350 | -53% | 459 | -93% |
| Russia | 7 months | 996 | 40% | 334 | -8% |
