ANKARA -- The volume of trade between Iran and Turkey in the first half of the current year has declined due to the global financial crisis, the sharp decline in transactions and the fluctuation of prices.

IRNA news agency reported that Iran-Turkey trade has declined over 51 percent in this period compared to the same period the year before and reached $2.4 billion.
The falling trend in the Tehran-Istanbul trade started in September last year and continues to now.
The decline in trade is due to a decrease in the price of oil and gas in the global market and a reduction in Turkey’s import of energy from Iran and also a decline in the exports of Turkey to Iran in terms of value and volume.
Before the worldwide economic downturn, Turkey and Iran had increased their financial cooperation, largely through oil, deepening their relationship through growing trade and bilateral investment.
As Turkey’s energy needs increased, Iran actively sought new markets for its most important export, providing an excellent base with which to develop greater avenues of cooperation.
The two countries have discussed the construction of a pipeline that would deliver Iranian oil across Turkey to Europe.
Turkey has stated that U.S. and UN sanctions will not prevent its cooperation with Iran in supplying its own and Europe’s growing energy needs