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Abrupt surge in Iran's exports to Turkey, oil plays a key role - analysis

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Aug. 27

By Farhad Daneshvar – Trend:

The value of Turkey's total imports form Iran has witnessed a considerable surge over the first half of the current year, amid a sharp hike in oil imports.

According to the latest figures by Turkish Statistical Institute, the value of the country's total imports from Iran in the first six months of 2017 hiked by 72 percent year on year, posting $3.783 billion.

Turkey over the first half of 2016 imported worth of $2.199 billion of goods and commodities from Iran.

Energy sector has apparently played a key role in the dramatic rise of Iran's exports to Turkey, accounting for about 82 percent of the total imports of Turkey form Iran.

Oil

The volume of Iran's oil exports to Turkey over the first half of 2017 increased 2.5 times compared to the same time last year.

The latest statistics by Energy Market Regulatory Authority of Turkey indicates that the country imported about 244,000 barrels of oil from Iran on a daily basis in the first six months of the current year.

According to the Organization of the Petroleum Exporting Countries (OPEC), per barrel of Iran's oil over the first half of the current year valued at about $49.91 which means that Iran exported worth of $2.1 billion of oil to Turkey in the mentioned period, accounting for about 55 percent of the total exports of the Islamic Republic to its north western neighbor.

Turkey's daily imports of oil from Iran in the first half of 2016 stood at 105,000 barrels.

Gas and electricity

The 2017 figures by Energy Market Regulatory Authority of Turkey, shows that the country imported about 26 million cubic meters of gas per day from Iran which indicates a surge of 23 percent compared to the first half of 2016.

The value of per cubic meter of Iran's gas exported to Turkey stands at 20 cents which means that the Islamic Republic exported worth of $940 million of gas to Turkey.

Although Turkey in the recent years was among Iran's power costumers, the report has not provided the latest figures on the country's electricity imports from Iran since the second half of 2016.

Non-oil goods

The above-mentioned figures indicate that the value of Iran's non-oil exports to Turkey in the first half of the current year stood at about $740 million.

Iran's non-oil exports to Turkey in the same period of time last year stood at about $728 million.

Comparing the figures of Iran's non-oil exports to Turkey in the first six months of 2016 and 2017 shows the value of non-oil exports has remained almost same.

The trade turnover between the two countries hit $5.32 billion over the first half of 2017.

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Abrupt surge in Iran's exports to Turkey, oil plays a key role - analysis