Iran's Non-Oil Exports to Iraq Surge 21% in Five Months

Iran's non-oil exports to Iraq have experienced a significant increase of 21% during the first five months of the current Iranian calendar year (March 20-August 21), according to an official from Iran’s Trade Promotion Organization (TPO).

Iran (IMNA) - Abdol-Amir Rabihavi, the director of the West Asia Office of the TPO, reported that Iran exported non-oil goods worth over $4.5 billion to Iraq in this period, compared to $3.508 billion during the same timeframe last year. He noted that Iraq is a strategic neighbor of Iran, with annual trade between the two nations standing at approximately $10 billion.

In a related statement, Jafar Hosseini, head of the Department of Spatial Planning and Regional Planning of the Iranian Plan and Budget Organization, mentioned that Iran exports around 2,200 products valued at $12 billion annually to Iraq. He highlighted Iraq's substantial foreign exchange reserves of $85 billion and its rich natural resources, including 147 billion barrels of proven crude oil reserves.

Hosseini emphasized that Iran's exports to Iraq have increased 15-fold over the past 20 years, climbing from about $600 million in 2003 to over $10 billion last year (ending March 19, 2024). He suggested that enhancing trade infrastructure, encouraging investments, and promoting trade delegations could further strengthen economic relations between the two countries.

Additionally, the head of the Islamic Republic of Iran Customs Administration (IRICA), Mohammad Rezvanifar, announced that Iran's non-oil trade with its neighbors rose by 16% in the same five-month period, reaching $26.857 billion. Iran exported 34.118 million tons of goods worth $13.402 billion to neighboring countries, while imports totaled 9.461 million tons valued at $13.455 billion.

Rezvanifar identified Iraq, the United Arab Emirates (UAE), Turkey, Pakistan, and Afghanistan as the top importers of Iranian goods, and noted that increasing non-oil exports to neighboring countries remains a key strategy for the Iranian government.

News ID 788619

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