Non-oil trade between Iran, Iraq reaches USD3.772B in first 4 months
Date
8/11/2024 3:37:03 AM
(MENAFN) The value of non-oil trade between Iran and Iraq reached USD3.772 billion during the first four months of the current Iranian calendar year (March 20-July 21), according to the head of the Islamic Republic of Iran Customs Administration (IRICA). This positions Iraq as Iran's third-largest trading partner among neighboring countries for this period.
In late May, Jafar Hosseini, the head of the Department of Spatial Planning and Regional Planning at the Iranian Plan and Budget Organization, provided additional context by stating that Iran exports around 2,200 different products to Iraq annually, valued at approximately USD12 billion. Hosseini highlighted that Iraq is one of the wealthiest countries in West Asia, with USD85 billion in foreign exchange reserves, 130 tons of gold reserves, and 147 billion barrels of proven crude oil reserves.
Over the past 20 years, Iran's exports to Iraq have surged dramatically, increasing from about USD600 million in 2003 to over USD10 billion last year, which ended on March 19, 2024. Currently, Iran exports a wide range of over 2,200 products to Iraq. More than half of the active Iranian traders are engaged in the Iraqi market, underscoring the strong trade presence.
To further enhance trade and economic relations, Hosseini suggested several measures, including developing trade infrastructure, encouraging Iranian traders to invest in Iraq, and promoting trade through the organization of trade delegations and participation in exhibitions held by both countries.
Additionally, the head of IRICA noted a 16 percent increase in the value of Iran’s non-oil exports to its neighboring countries during the first four months of the current Iranian calendar year compared to the same period the previous year.
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