Turkey’s trade with Iran reaches to $4.5 billion in ten months

The volume of trade between Turkey and Iran has increased to $4.49 billion within the first ten months of 2022, registering a 20.45 percent year-on-year rise, Iranian MEHR news agency reported on Tuesday.

The trade between the two countries stood at $2.86 during the first half of the year.

The relations between the long-time regional rivals started to improve when the two countries signed a trilateral Astana Agreement along with Russia in 2016 in a move to end the conflict in Syria.

Last year, Turkey and Iran signed a deal in Turkmenistan's capital Ashgabat to boost bilateral ties and in July this year, agreed to improve the level of bilateral trade and economic cooperation, setting a trade target of $30 billion.

Ankara and Tehran have signed eight memoranda of understanding during Turkish President Recep Tayyip Erdogan’s visit to Iran, including political and economic fields.

Iran’s exports to Turkey stood at $2.5 billion, up 29.85 percent, while imports grew by 10.41 percent to $1.99 billion during the first ten months of 2022, MEHR said, citing official data.

Bilateral trade stood at $417.14 million in September, it said.