Shafaq News – Baghdad

Iraq recorded a discrepancy of nearly $47 billion between financial transfers and customs data in 2024, a source told Shafaq News on Saturday.

Economist Manar Al-Obaidi explained that while the Central Bank of Iraq (CBI) reported Iraq’s imports surpassing $87 billion last year, with more than $80 billion in actual foreign transfers, Customs Authority records showed goods entering the country valued at only $39 billion.

He noted that the largest gaps appeared in machinery and transport equipment, where the CBI financing totaled $33.6 billion compared to $14.8 billion recorded by customs — a difference of more than $18.7 billion — while “miscellaneous manufactures” showed another mismatch, with $13.8 billion financed against only $2.2 billion registered.

The scale of the discrepancy highlights the need to accelerate customs automation and adopt a unified global goods classification system, Al-Obaidi said, adding that full digitalization and accurate electronic linkage would help close the gap and align financial transfers with the actual movement of goods, strengthening the state’s financial and oversight systems.