Baghdad (IraqiNews.com) – The spokesperson of the International Relations and Trade Development Committee of Iran’s House of Industry, Mining and Trade, Ruhollah Latifi, said that Iran’s top export destination between September 22 and October 21 was Iraq, with $2.78 billion worth of imports.
During the same month, China came in second with $1.434 billion in imports, followed by Turkey with $925 million, the UAE with over $783 million, and Afghanistan with $249 million, according to the Tehran Times.
Between March and October 2024, Iraq imported $7.3 billion worth of non-oil commodities from Iran, according to Mohammad Rezvanifar, the former head of the Islamic Republic of Iran Customs Administration (IRICA).
The Iranian former official pointed out that the annual commercial activity between the two key neighbors is worth around $10 billion.
Trade between Iraq and Iran has seen significant growth in recent years, reflecting their close economic ties and mutual dependencies.
Trade volumes between Iraq and Iran have been increasing by approximately $150 million monthly since March 2024. In the first four months of 2024 alone, trade reached $3.77 billion, marking a 22 percent increase in value compared to the same period in 2023.
The relationship is underscored by Iraq’s dependence on Iranian natural gas for its electricity generation, highlighting the strategic nature of their economic interactions.
Officials from both countries express optimism about reaching new trade milestones, with projections suggesting that total trade could exceed $10 billion in the current fiscal year ending March 2025.
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