Iraq cash lifeline: Over $1B pours into Lebanon for goods

Shafaq News/ Iraq imported goods worth $1.38B from Lebanon between 2016 and March 2025, making it the country’s second-largest Arab customer, the Directory of Exports and Industrial Firms in Lebanon (DEIFL) said on Monday.

During this period, Lebanon exported $1.59B in goods to Syria and $1.08B to Qatar, according to DEIFL data. Iraqi purchases of Lebanese products were set against Lebanese imports from Iraq of $58.7M, leaving Beirut with a trade surplus of about $1.3B.

Overall, Lebanon recorded a trade deficit of $8.8B with 21 Arab countries over the nine years, with total imports amounting to $22B and exports standing at $13.8B, DEIFL said.

The figures come as Lebanon’s pound has lost more than 98% of its value since 2019, turning exports into one of the few hard-currency earners, especially after Baghdad renewed earlier a 2021 deal to supply heavy fuel oil in exchange for medical and other services.

Lebanon’s exports to Iraq have been largely composed of agro-food products, pharmaceuticals, and cosmetics. According to UN COMTRADE data, Lebanon exported around $236M worth of goods to Iraq in 2023 alone.