Iran announces 30% growth in trade with Iraq

Iran announces 30% growth in trade with Iraq

Shafaq News/ On Saturday, Abdul Amir Rabihawi, Director General of the West Asia Office of the Iranian Trade Development Organization, announced a 30% growth in trade with Iraq in 2023.

Rabihawi, in statements quoted by the semi-official Iranian agency "Mehr," described Iraq as Iran's second trading partner.

He also said, "Significant business opportunities have been provided for Iranian technical and engineering companies in Iraq during the year 1402 (2023); the presence of these companies can contribute to tangible revenues for the country. Iraq undoubtedly needs reconstruction, and they seek cooperation with us in this field."

Rabihawi said trade with Iraq witnessed a 30% growth during the first ten months of 1402 (2023) A.D.

Notably, Iran and Iraq have a long history of close trade ties. Iran is a significant partner for Iraq, consistently ranking among the top two countries in total trade volume.

Iran primarily exports food, building materials, and machinery to Iraq, while Iraq sends crude oil, natural gas, and agricultural products back. 

Challenges like U.S. sanctions and Iraqi instability exist, but both countries are working together through meetings, joint committees, and new trade agreements to solidify this economic relationship.

According to the Observatory of Economic Complexity (OEC), during the last 23 years, the exports of Iran to Iraq have increased at an annualized rate of 28%, from $30.5M in 1998 to $8.91B in 2021, in the same period, Iraq's exports to Iran increased at an annualized rate of 16.9%, from $30.3M in 1998 to $1.09B in 2021.

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