Turkey-Iran Economic and Trade Relations
Bilateral Trade
Iran, as a neighboring country, is one of the traditional trading partners of Turkey.
Since the start of the natural gas imports from Iran to Turkey in 2001, the figure has grown steadily until 2008, reaching 10.2 billion $.
Due to effects of the global economic crisis, Iranian exports dropped steeply in 2009 by almost 60%, whereas Turkish exports remained stagnant in comparison to the corresponding figures of the previous year. In 2010, the trade volume rebounded and reached its peak with 10.6 billion $. In 2011 it is expected to reach 15 billion $. Turkish and Iranian authorities confirmed their intention to double the volume by 2015.
On the other hand, the trade balance is growing in favor of Iran since 1993, increasing more steeply since the first purchase of natural gas from Iran in 2001.
Statistics
(.000 $)
YEARS |
EXPORTS |
IMPORTS |
VOLUME |
BALANCE |
2000 |
235.784 |
815.730 |
1.051.514 |
-579.945 |
2001 |
360.535 |
839.800 |
1.200.335 |
-479.264 |
2002 |
333.962 |
920.971 |
1.254.933 |
-587.009 |
2003 |
533.786 |
1.860.682 |
2.394.469 |
-1.326.896 |
2004 |
813.031 |
1.962.058 |
2.775.089 |
-1.149.027 |
2005 |
912.940 |
3.469.705 |
4.382.645 |
-2.556.765 |
2006 |
1.066.901 |
5.626.610 |
6.693.511 |
-4.559.708 |
2007 |
1.441.190 |
6.615.393 |
8.056.583 |
-5.174.203 |
2008 |
2.029.759 |
8.199.688 |
10.229.448 |
-6.169.929 |
2009 |
2.024.863 |
3.405.985 |
5.430.848 |
-1.381.122 |
2010 |
3.042.957 |
7.644.782 |
10.687.739 |
-4.601.825 |
Main Commodities Subject to Trade
Turkish exports to Iran are mainly machinery, motor vehicles, iron and steel products, boilers, electric devices, tobacco products. Crude oil and natural gas dominate Iranian exports to Turkey with 90%.
Investments
In the last ten years, direct investments in Turkey from Iran exceeded 110 million $.
Legal Framework
Agreement on Reciprocal Promotion and Protection of Investments, Agreement on Avoidance of Double Taxation, International Road Transport Agreement and Agreement on Cooperation and Mutual Assistance in Customs Matters are in force.