Turkey may lose 38bln due to Iran conflict

Turkey will lose tens of billions of dollars in export revenues and tourism dollars from the Middle East if the Iran war lasts for three months, The Ekonomim business newspaper writes.

Turkey’s exports to Middle Eastern countries through the territory of neighboring Iran exceed $31 bln per year. The region also accounts for around $7 bln worth of revenues from tourism. Orders are already being recalled from countries of the region.

Last year Turkey's exports reached $273.4 bln, while tourism revenues equaled $65 bln.

"In the worst-case scenario, Turkey’s total losses could exceed 10% of its revenues from those two items," the publication said.

The most serious disruptions were recorded in export operations with Iran. Border crossings are backed up for miles, and goods destined for Iran are piling up in regional warehouses, the newspaper said. Meanwhile, Turkish authorities have not yet reported that trucks are being held up at the Iranian border.