Shafaq News/ The Central Bank of Iraq (CBI) announced on Monday that the country’s exports fell by 15.7% in the first quarter of 2024.

According to the bank’s report, Iraq's merchandise exports totaled $23.474 billion in the first quarter of 2024, down from $27.847 billion in the fourth quarter of 2023.

The report noted that oil exports accounted for 96.7% of total merchandise exports during the first quarter, showing a decrease of 16.4% compared to the previous quarter. This decline is attributed to a 10.7% drop in oil prices.

Non-oil exports, which include products such as naphtha and kerosene, represented 2.7% of the total exports in the first quarter of 2024.

Other merchandise exports, comprising mainly industrial equipment and basic foodstuffs for household consumption, accounted for a minor 0.6% of total exports.