Hamid Hosseini, the vice-chairman of Iran-Iraq Joint Chamber of Commerce, has appreciated “Iran’s record exports” to neighboring Iraq.
In an exclusive interview with Iran Chamber of Commerce newsroom, he said that Iran has exported over $7.2 billion worth of goods to Iraq in the seven calendar months to late October, indicating an over $1 billion monthly exports to the country which he said has reached record levels.
In the best conditions, Iran’s monthly exports to Iraq used to stand at $850 million dollars, he said, adding that if the exports continue to grow, Iran’s exports to the Iraqi market can hit 13 to 14 billion dollars by the end of the current calendar year to late March 2025.
Noting that Iran’s imports from Iraq are as significant as less than $200 billion, he said that the large volume of Iranian exports to Iraq can help Iran’s trade balance as the country faces a trade deficit in exchanges with China, the UAE and some other main trade partners.
Hosseini referred to Iraq’s annual 60-70 billion dollars of imports, noting that Iran could still increase its 18% share of the country’s import market.
He said that Iran is not present in some parts of the Iraqi market, including the exports of services, gold market, some cosmetics items, constructional materials and some pharmaceutical products, arguing that the absence of a mirror chamber of commerce has made it difficult for Iran to make full use of its exports potential.