Turkish Statistical Institute (TURKSTAT) put the value of the trade exchanges between the two countries in January 2024 at $501 million.

The trade value between the two countries in January 2023 was $493 million.

According to the report, Turkey exported $324 million of products to Iran in January 2024, showing a 35-percent growth compared to last year’s corresponding period.

Iran was Turkey’s 7th export target market in January 2024 with 1.6% of Turkey’s total exports sent to Iran.

The trade exchanges between Iran and Turkey in 2023 hit $5.49 billion, showing a 14% decline compared to a year earlier, the report added.