Iran has reported a major increase in exports to Iraq as authorities hope trade with the neighboring country could experience a record in the calendar year to March.
Head of the West Asia department at the Trade Promotion Organization of Iran (TPO) said on Saturday that exports to Iraq had reached nearly $4.5 billion in the five months to August 21, up 21% compared to the same period last year.
Abdolamir Rabihawi said that total trade with Iraq had reached $4.8 billion in the April-August period.
Rabihawi said that Iran’s exports to Iraq over the five months to late August had included natural gas, steel, petrochemical products, construction material and food.
He said Iran had imported scrap iron and aluminum as well as certain petroleum products from Iraq over the same period.
The official said Iran’s exports to Iraq could hit a multi-year record this year as he estimated that shipments could reach well beyond $10 billion in the year to March.
Iraq has been the second largest importer of Iranian goods and products after China in recent years.
The country relies on Iran for a bulk of its development and reconstruction needs as it is emerging from years of occupation and war with militants.
Trade figures released last week by Iran’s customs office showed that the country had exported some $21.9 billion worth of commodities and products in the five months to late August. That has come on top of some $19.5 billion worth of crude oil and mazut shipments exported to other countries over the same period.
The figures showed that imports into Iran had reached $26.3 billion in the April-August period.