Iran's non oil exports to Turkey hit record $1.7B in FY 23

Iran's non oil exports to Turkey hit record $1.7B
 Iran is the most important trading partner of Turkey. For the financial year 2023, it is reported that Iran was the third most favoured destination for Turkish exports. According to the Turkey export data reports, around 1.5 billion dollars worth exports were made by Turkey to Iran in 2023. 

Compared to the last year Turkey customs data records, it was 17% more. In 2022, Turkish exports to Iran were reported to be 3.4 billion dollars. In 2022, the bilateral trade between Turkey and Iran saw a rise of 15%.


According to the Turkey import export data, the bilateral trade between the two reached 6.5 billion dollars in FY 2022 from 5.4 billion dollars in FY 2021. 


Iran’s non-oil commodities exports were around 1.7 billion dollars during FY 2023. Our Turkey trade data suggests that there was a decline of 23% as compared to last year imports. It was around 2.7 billion dollars for the same period.


These include iron, steel, plastics, zinc, copper, aluminium, fertilizers, precious stones, edible fruits and nuts. During the period, Iran mostly imported heat engines, tobacco extracts, toiletries, zinc ores, vehicles and paper products from Turkey.


Poultry Meat was the most imported Turkish product by Iran. It had over 4.8% share of Iran's imports. After that seed oils, zinc ore, woodpulp, banana, tobacco, medicaments and legumes were the top exports made by Turkey to Iran. 


As per Turkey export data, Medicines and Seed oils accounted for over 192 million dollars worth of Turkish exports to Iran. Iran's non-oil exports to Turkey include Aluminium, Zinc, Copper, Ethylene Polymers, Fertilizers, Nuts, Glass and Grapes. Aluminium and Ethylene Polymers held the major share of 15% in terms of Turkish imports. 


According to Turkey import data, Copper and Scrap Copper together accounted for over 486 million dollars Iranian exports to Turkey during FY 2022. Over the past few years, Iranian exports to Turkey are showing positive growth. It is growing at the rate of 9.3% annually.


The most important factors in growing Iranian exports to Turkey are its metals, plastics, rubbers and chemical product exports. On the other hand, Turkish machinery and vehicles exports are in great demand in the Iranian market.


China and Armenia are becoming more competitive markets in terms of imports from Iran. Whereas, Germany, United Kingdom and the United States are emerging as the major importers from Turkey.


Apart from Non oil exports from Iran, Turkey imports a significant amount of crude oil and gas from Iran. According to the study, around Turkey's crude oil imports from Iran is estimated around 182 barrels per day. Earlier the imports were halted by US sanctions. This had affected the top oil buyers from Iran including China, Japan, India and EU. However, Turkey has cut its gas exports to Turkey by 70% during January 2023.


For global buyers and suppliers, Turkey and Iran offer a wide range of opportunities. A strong decision making could lend you hefty rewards. Turkey Exim portal is the best platform where you can gain in-depth insights into the Turkish market. Here, you can discover Turkish top imports, exports, partner countries, import export companies, competitors and gain quality leads. It could help you share your business in the Turkish market.

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