Iran’s exports to Iraq amount to USD12B year-on-year

(MENAFN) Iran's trade ties with neighboring Iraq continue to strengthen, with annual exports totaling around USD12 billion across approximately 2,200 different products, according to statements by Jafar Hosseini, the head of the Department of Spatial Planning and Regional Planning at the Iranian Plan and Budget Organization. Hosseini highlighted Iraq's significant economic potential, citing its substantial foreign exchange reserves of USD85 billion, extensive gold reserves totaling 130 tons, and vast crude oil reserves amounting to 147 billion barrels, positioning it as one of the wealthiest countries in West Asia.

Over the past two decades, Iran's exports to Iraq have surged dramatically, experiencing a fifteen-fold increase from approximately USD600 million in 2003 to over USD10 billion in the previous fiscal year, ending in March 2024. This substantial growth underscores the deepening economic ties between the two countries, fueled by a diverse range of goods and products exported from Iran to its neighbor.

Hosseini noted that Iran currently exports more than 2,200 various types of goods to Iraq, with a significant presence of Iranian traders in the Iraqi market. To further enhance bilateral trade relations, he emphasized the importance of developing trade infrastructures, encouraging Iranian traders to invest in Iraq, and facilitating trade through initiatives such as dispatching and admitting trade delegations and participating in joint exhibitions. These measures are aimed at fostering greater collaboration and economic integration between Iran and Iraq, leveraging their strategic geographic proximity and mutual economic interests.

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