Iran exports USD3.0B worth of commodities to Iraq yr/yr

(MENAFN) Iran exported USD3.0 billion worth of commodities to Iraq during the first three months of the current Iranian year (March 20-June 20), marking a 27 percent increase compared to the same period last year, according to the caretaker of Iran’s Commercial Consultancy Office in Baghdad, Farzad Piltan.

Piltan, who is also an advisor to the head of the Iran Trade Promotion Organization (TPO), stated in an interview with an Iranian news agency that the primary exports included natural gas, fresh apples, iron, and steel ingots. Other notable exports were tile and ceramics, watermelons, evaporative coolers, tomatoes, home appliances, gas turbines, PE compounds, hot-rolled bars, clinker, infant formula, and ice cream.

Statistics from the Islamic Republic of Iran Customs Administration (IRICA) indicated that Iran exported USD2.346 billion worth of non-oil products to Iraq in the same period last year (March 21 to June 22, 2023).

Additionally, Iran imported USD107 million worth of goods from Iraq during the three months to June 20, showing a 25 percent increase from the previous year’s USD85 million. Key imports included precious metals, aluminum alloys, tires, automobiles, and home appliances.

Jafar Hosseini, head of the Department of Spatial Planning and Regional Planning of the Iranian Plan and Budget Organization (PBO), noted that Iran exports products valued at USD12 billion to Iraq annually. During a January meeting focused on enhancing trade relations and attracting Iraqi investors, Hosseini highlighted Iraq's significant foreign exchange reserves, gold reserves, and proven oil reserves, positioning it as one of the wealthiest countries in West Asia. He also pointed out that Iran’s exports to Iraq have increased 15-fold over the past 20 years, from about USD600 million in 2003 to over USD10 billion in the last year ending March 19, 2024.



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