The value of trade between Iran and Turkey surpassed $20.8 billion in the first 11 months of 2012, showing around 40 percent rise compared to the same period in 2011, IRNA reported citing data by Turkey's statistics center.
Turkey's exports to Iran amounted to $7 billion in the mentioned period, mainly due to the exports of gold to Iran.
Oil, gas, and petrochemicals account for a lion's share of Iran's exports to Turkey.
On December 11, 2012, Iran's Ambassador to Turkey Bahman Hosseinpour said the trade volume between Tehran and Ankara can potentially increase fivefold to as high as $100 billion a year.
"This year, the value of trade between Iran and Turkey will surpass $20 billion," Hosseinpour said, Press TV reported.
"This figure is only 20 percent of the two countries' capacity, and can be increased to $100 billion," Hosseinpour added.
The Iranian ambassador added that ample investment opportunities await Turkish investors in Iran.
The value of the Iran-Turkey trade exceeded $16 billion in 2011. The two countries plan to increase the level of their bilateral trade volume to $30 billion by 2015.