Baghdad (IraqiNews.com) – Recent data from the Turkish Statistical Institute has revealed that Iraq has now become the fourth-largest importer of Turkish products. In July, Turkey’s exports increased by 13.8 percent, while imports decreased by 7.8 percent, according to Shafaq News.
With imports worth nearly $1.06 billion, Iraq followed Germany, the UAE, and the United States in terms of importing goods from Turkey. The majority of Iraq’s imports come from neighboring countries such as Turkey and Iran, rather than Jordan and Gulf states.
Last year, Iraq’s Prime Minister mentioned that trade between Iraq and Turkey reached almost $20 billion. Turkey’s Minister of Transport and Infrastructure has also suggested that trade could increase to $30 or $40 billion with the completion of the Development Road project.
Over the past thirty years, trade between Turkey and Iraq has seen significant growth. In 2021, Turkey exported $11.1 billion worth of goods to Iraq, a substantial increase from $119 million in 1995. The partnership between the two countries continues to strengthen, benefitting both economies.
With Iraq emerging as a major importer of Turkish products, this positive trend is expected to continue in the coming years, fostering stronger economic ties between the two nations.
The post Iraq becomes fourth-largest importer of Turkish products appeared first on Iraqi News.
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