A senior Iranian businessman watching over trade with neighboring Iraq says exports to the Arab country are expected to hit a record target of $9 billion in the calendar year to March 20.
Yahya Al Es’haq, who chairs the Iran-Iraq Joint Chamber of Commerce, said on Sunday that exports to Iraq had rebounded from lows seen over 2020 when coronavirus restrictions affected trade between the two neighbors.
Iranian exports to Iraq declined by 15% year on year in the year to March 2021 to nearly $7.3 billion.
Figures by the Iranian customs office shows exports to Iraq rose by 20% in value terms in the 11 months to late February to $8.2 billion.
Shipments also increased by 17% in volume terms over the same period to reach a total of 28 million metric tons.
Iranian exports to Iraq had reached a record high of $8.99 billion in the calendar year to March 2019.
The map shows joint border crossings between Iran and Iraq.
However, Al Es’haq said Iran has been moving toward a more balanced trade with Iraq by taking delivery of more shipments from its western neighbor over the recent months.
“Imports from Iraq have reached nearly $2 billion this (calendar) year and that comes as the value of our imports from this country was around $150 million last year,” he was quoted as saying by Fars news agency.
The senior businessman said that more Iranian imports from Iraq would make it easier for the two countries to meet a trade target of $20 billion in the near future.
Shipments to Iraq have accounted for nearly a fourth of Iran’s total non-oil exports in recent years, helping Tehran to offset financial losses suffered because of American sanctions on its crude sales.