Iran’s exports to Iraq has registered an 18.5% year-on-year increase in the first five calendar months to August 22, the secretary general of the Iran-Iraq Joint Chamber of Commerce said, predicting that the value of the country’s exports to Iraq will reach $12 billion by the yearend.
Bilateral trade between Iran and Iraq is on an upward trajectory and the two countries are seriously determined to boost the bilateral trade in the current year, Jahanbakhsh Sanjabi stated.
He said the Iraqi government has considered an annual budget of more than $168 billion for the next two years, more than 70 percent of which is related to the development sector.
Hence, there is suitable ground for Iran to export more products to this neighboring state in the coming years, he underlined.
Iran, the United Arab Emirates (UAE), Turkey and China were Iraq’s major trade partners in 2021, Sanjabi further noted.
Farzad Piltan, a senior official with Iran’s Trade Promotion Organization (TPO) said in April that Iranian exports to Iraq hit a new record high of $10 billion in the calendar year to late March.