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Iran trade with Turkey drops 70% due to COVID-19

May 19, 2020 at 10:43 am

German Economy and Energy Minister Sigmar Gabriel (2nd-R) and Iranian Oil Minister Bijan Namdar Zanganeh (2nd-L) attend a meeting at Iran’s Chamber of Commerce in Tehran on July 20, 2015 [ATTA KENARE/AFP via Getty Images]

The Iranian Chamber of Commerce said the volume of trade with Turkey has decreased 70 per cent during the first three months of this year, compared to the same time period last year.

The Chamber said the volume of trade between the two countries significantly decreased after Tehran and Ankara closed their borders as a precautionary measure to confront the coronavirus pandemic.

The volume of trade between the two countries amounted to $645 million during the first three months of this year.

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The biggest drop in trade was recorded in oil exports from Iran to Turkey while Turkish exports of tobacco, paper and plastic materials to Iran also witnessed a dramatic fall.

Iran’s trade with Iraq, Afghanistan, the UAE and Qatar were also lower as a result of the coronavirus.

The decrease in trade exchange between Iran and neighbouring countries has caused the Iranian currency to drop to its lowest level since September 2018; this has been compounded by the global plunge in oil prices and the US sanctions on Tehran.