How Has Non-oil Trade Between Iran And Turkmenistan Surged To New Heights?

The trade turnover between the two countries has surged to an impressive 447,000 tons, valued at approximately $156 million.

Exchanged goods between Iran and Turkmenistan included a diverse range of products. Photo culled from TurkicWorld

Iran and Turkmenistan have seen a remarkable increase in their non-oil trade in the first four months of the year, as reported by Iran’s Customs Administration. The trade turnover between the two countries has surged to an impressive 447,000 tons, valued at approximately $156 million. This represents a 4% growth in value and a 6% increase in weight compared to the same period last year.

Diverse Range of Exchanged Products

A diverse range of products, including agricultural and food items, industrial products, transformers, water conditioners, petrochemical products, petroleum coke, cotton, and fabrics, have been exchanged between the two nations.

Previous Year’s Trade Overview

In the previous Iranian year, the non-oil trade between Iran and Turkmenistan reached 1.4 million tons, valued at roughly $484 million. Although there was a slight 0.8% decrease in value, there was a marked 5.6% increase in weight compared to the prior year.

Iran’s Overall Trade with Neighbours

When examining Iran’s overall trade with neighbouring countries during the same period, a total of 34.2 million tons of goods were exchanged, valued at $19.8 billion. This reflects a 6% increase in value and a 5% increase in weight compared to the corresponding period last year.

Strengthening Economic Ties

The flourishing trade between Iran and Turkmenistan underscores the strong economic ties and commercial cooperation between the two nations. The expansion of non-oil trade signifies the growing bilateral relations, opening up new opportunities for mutual prosperity and development.

Broader Efforts and Global Market Position

This upward trend in non-oil trade is in line with Iran’s broader efforts to enhance economic partnerships with neighbouring countries and bolster its position in the global market. The continuous growth in trade volume underscores the potential for further collaboration and the diversification of trade categories to foster sustainable economic growth.

Commitment to Economic Engagement

The significant surge in non-oil trade between Iran and Turkmenistan demonstrates the commitment of both nations to deepening their economic engagement and forging lasting partnerships. This positive trajectory sets the stage for continued cooperation and increased trade volumes in the future.