Iran exports non-oil commodities to Iraq worth USD9.4B in 9 months
Date
1/12/2025 7:46:37 AM
(MENAFN) Iran exported non-oil commodities worth USD9.4 billion to Iraq in the first nine months of the current Iranian calendar year (March 20 to December 21, 2024), according to Foroud Asgari, head of the Islamic Republic of Iran Customs Administration (IRICA). Iraq was the second-largest destination for Iranian non-oil exports during this period, reflecting the robust trade ties between the two neighbors.
With Iran’s extensive export capacity and Iraq’s demand for Iranian goods, both countries aim to expand their bilateral economic exchanges. The target of USD20 billion in annual trade has been set, and authorities and business communities from both sides are committed to achieving this goal. This cooperation is driven by mutual interests and a shared vision for strengthening economic ties.
Jafar Hosseini, head of the Department of Spatial Planning and Regional Planning of Iran’s Planning and Budget Organization (PBO), stated in May 2024 that Iran annually exports approximately 2,200 products to Iraq, valued at USD12 billion. He highlighted Iraq’s strong economic foundation, with USD85 billion in foreign currency reserves, 130 tons of gold reserves, and 147 billion barrels of proven crude oil reserves, positioning it as one of the wealthiest nations in West Asia.
To further enhance trade relations, Hosseini emphasized the need to develop trade infrastructure, encourage investment in Iraq, and promote economic cooperation through trade delegations and joint exhibitions. With over half of Iran’s active traders engaging in the Iraqi market, both nations are exploring strategies to streamline trade and integrate more deeply into the regional value chain, aiming to solidify their economic partnership.
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