Iran’s imports from Iraq up 430% YOY

A recent report by Iran Customs Administration (IRICA) suggests that Iran’s imports from Iraq in the first five months of the current fiscal year (March 21 – August 22) have grown by 430% in value terms in comparison with the figures from last year’s corresponding period.

15 September 2021
ID : 33073
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A recent report by Iran Customs Administration (IRICA) suggests that Iran’s imports from Iraq in the first five months of the current fiscal year (March 21 – August 22) have grown by 430% in value terms in comparison with the figures from last year’s corresponding period.  

IRICA spokesman Ruhollah Latifi said that Iran has imported some 313,612 tons of commodities worth around $176 million from Iraq during the mentioned period to post a 970% increase in terms of weight and a 430% growth in value terms.                                                     

He also referred to Iran’s five-month exports to Iraq, saying Iran exported over 12 million tons of goods valued at $3.16 billion to Iraq during the period under review.

Latifi said that Iran’s exports to Iraq grew by 53% in terms of weight and 31% in value terms in the five-month period.  

Noting that Iraq has been the second destination for Iranian commodities over that past several years, Latifi said that Iran’s trade with many countries, including Iraq, sharply reduced due to the global outbreak of COVID-19.  

He however said that bilateral trade between Iran and Iraq is growing back to previous levels as restrictions due to the spread of the pandemic are easing.

Speaking during a provincial meeting in late July, head of the chamber of commerce of western Iranian province of Kermanshah Keyvan Kashefi underlined the need for Iran’s further presence in the Iraqi market.

“We need stable regulations for accelerating trade between the two countries,” Kashefi said.

Pointing to the possibility of importing commodities such as fuel and oil products from Iraq, he noted that “the more we increase imports from Iraq, we will witness prosperity of trade at joint borders and our negotiating power will increase too.”

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