Iraq posts $10B+ trade surplus in Q1

Shafaq News- Baghdad

Iraq recorded a $10.82 billion trade surplus in the first quarter of 2026, preliminary Central Bank of Iraq data showed, with crude oil accounting for most of the country’s $19.55 billion in exports.

According to the balance-of-payments table, crude oil exports reached $18.64 billion, petroleum-product exports $762.2 million, and other exports $148.5 million. Imports totaled $10.27 billion including freight and insurance costs, comprising $1.35 billion for the government sector and $8.92 billion for the private sector.

For its trade-balance calculation, the Central Bank excluded freight and insurance costs, putting imports at $8.73 billion and the resulting merchandise trade surplus at $10.82 billion. The services account posted a $3.39 billion deficit, with payments of $4.95 billion against receipts of $1.56 billion.

The current account remained in surplus at $7.98 billion during the quarter.

World Bank data show oil accounted for about 91% of merchandise exports in 2025, leaving the economy exposed to changes in global oil prices and regional disruptions.