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Iran’s exports to Iraq reach $12b
Currently, out of 3,500 types of Iranian export goods worldwide, over 2,200 types of goods are being exported to Iraq, said the head of the land-use planning and regional development of the organization, IRNA reported.
Seyyed Jafar Hosseini mentioned that more than half of active Iranian traders in global markets are present in the Iraqi market.
Iranian exports to Iraq are not limited to goods only, as technical, engineering, and electrical services are also significant export items. With the inclusion of these sectors, the value of Iran’s exports to Iraq reaches around $12 billion, he said.
Referring to the necessity of strengthening the commercial infrastructure of the western Kermanshah Province as the most important export route from Iran to Iraq, he added “It is suggested to develop commercial infrastructures to facilitate trade between the two countries, provide information and encourage traders to invest in Iraq, expand trade through sending and receiving trade delegations and participating in trade fairs of both countries, establishing Iranian commercial centers in Iraqi cities, and achieving trade balance through import development from Iraq to enhance commercial and economic relations between Iran and Iraq.
The official mentioned the high unemployment rate in Iraq, especially among youth, indicating the importance of industrial development to attract foreign investments for employment generation.
Hosseini said that Iraq, being rich in resources with significant oil revenues, gold reserves, and confirmed oil reserves, is considered one of the wealthiest countries in the Middle East. From crude oil sales, Iraq earned $76 billion in 2021 and is projected to earn $120 billion in 2022, he added.
He highlighted the substantial growth in Iran’s exports to Iraq over the past 20 years due to relative stability in Iraq and the development of cooperation and commercial infrastructure between the two countries. This growth has increased significantly, with exports reaching over $10 billion from around $600 million in 2003, he said.