Iran's Non-Oil Exports to Iraq Reach USD5.2 Billion in H1
Date
10/5/2024 8:40:58 AM
(MENAFN) In the first half of the current Iranian calendar year (March 20-September 22), Iran exported non-oil goods valued at $5.2 billion to its neighbor Iraq, making it the second-largest export destination among Iran’s neighboring countries during this period. According to the head of the Islamic Republic of Iran Customs Administration (IRICA), Iran's non-oil exports to its 15 neighboring nations rose by 12 percent compared to the same timeframe last year.
Mohammad Rezvanifar reported that Iran exported a total of 39 million tons of non-oil products worth $15.6 billion in the first six months of this year, reflecting a four percent growth in weight year-on-year. Overall, Iran's non-oil trade with its neighboring countries reached 50 million tons, valued at $32.6 billion during this period.
Rezvanifar highlighted that non-oil trade with neighboring countries increased by five percent in weight and 15 percent in value in the first half of this year compared to the previous year. Additionally, imports from these countries also saw an increase, rising by eight percent in weight and 18 percent in value.
In a recent meeting focused on strengthening trade relations with Iraq, Jafar Hosseini, the head of the Department of Spatial Planning and Regional Planning of the Iranian Plan and Budget Organization, noted that Iran exports approximately 2,200 products to Iraq annually, valued at $12 billion. He emphasized that Iraq, with its substantial foreign exchange reserves of $85 billion, gold reserves of 130 tons, and proven crude oil reserves of 147 billion barrels, ranks among the wealthiest countries in West Asia. Hosseini also pointed out that Iran's exports to Iraq have increased dramatically over the past two decades, surging from about $600 million in 2003 to over $10 billion last year (ending March 19, 2024).
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