New Data Shows China-Iraq Economic Interdependence Growing in 2022 Amid Robust Crude Oil Trade
Shafaq News/ China and Iraq continue to augment their bilateral trade throughout 2022, data by Trade Map, a renowned platform providing global trade statistics, demonstrated on Tuesday.
The crescendo in this partnership, according to Trade Map's data, is underpinned by Iraq's thriving exports, constituting an impressive 64.50% of the total trade between these two nations.
The aggregate Sino-Iraqi commercial exchange in the year under review scaled a remarkable height of $53.372 billion. Iraq's contribution towards this figure, underpinned by 18 diverse commodities, amounted to nearly $39.384 billion.
Dominating this export spectrum was the trade in oil and mineral fuels, amassing an unparalleled value of $39.355 billion. This was flanked by other exports such as sulfur, stones, lime, cement, and a smorgasbord of organic chemical products, garnering values of $27.421 million and $896,000, respectively.
On the flip side, China demonstrated its manufacturing prowess through an array of goods and merchandise shipped to Iraq. These exports, spanning over 70 distinct items, totaled a significant $13.987 billion. Leading this diverse catalogue were machines, electrical supplies, and commodities made from iron and steel, which accounted for $2.152 billion, $1.857 billion, and $917.937 million, respectively.
On a broader canvas, Sino-Arab commercial interactions marked a historic milestone in 2022. According to data published on the China-Arab Cooperation Forum website, the total trade turnover between China and Arab nations has quadrupled compared to the data from 15 years ago, touching a towering $507.15 billion. From this, Chinese imports from and to Middle Eastern countries surged to $228.9 billion, marking a 16.4% increase. Concurrently, Chinese exports soared to $278.2 billion, a 37.6% annual increment.
In terms of the crude oil supply chain, Saudi Arabia reigned as China's principal supplier in April 2023, pumping 2.06 million barrels daily. Iraq also cemented a foothold in this crucial sector, securing the third position after Saudi Arabia and Russia with a hefty daily supply of 1.148 million barrels.
