Turkish Trade Ministry forecasts $15 billion surge in exports to Iraq

Turkish Trade Ministry forecasts $15 billion surge in exports to Iraq

Shafaq News / The Turkish Ministry of Trade speculated on Saturday that Turkish exports to Iraq would witness a significant increase to $15 billion soon and $20 billion by 2030.

The ministry also highlighted that President Recep Tayyip Erdogan's upcoming visit to Iraq, scheduled for Monday, will witness the signing of trade agreements between the two countries.

Erdogan is expected to visit Baghdad and Erbil in his first foreign visit after the local elections held on March 31st. The visit aims to sign trade agreements, explore ways to enhance bilateral trade relations and discuss the strategic Development Road project.

Turkish Minister of Trade, Omer Polat, stated to Anadolu Agency that "Iraq has always been one of the most important countries for Turkiye in terms of trade and economic relations," noting that "Iraq's share of Turkish exports over the past 10 years exceeded 5% of the country's total exports."

Polat clarified that "Turkish exports to Iraq encompassed most sectors, with the trade volume between the two countries reaching $24.2 billion in 2022 and $19.9 billion last year."

"Our exports to Iraq decreased by 7.2% compared to the previous year, reaching $12.8 billion, while our imports from Iraq decreased by 31.1% to approximately $7.2 billion during the same period. Our foreign trade surplus was $5.6 billion last year."

Polat emphasized that "exports increased by 24.5% during the first three months of 2024 compared to the same period last year, reaching $3.4 billion, while imports decreased by 46.2% to $835 million."

The Turkish Minister of Trade concluded by indicating that "Turkish exports to Iraq are poised to reach $15 billion soon and $20 billion by 2030, with the completion of the Development Road project."

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