Economy, Business And Markets

Iran Third Biggest Trading Partner of Iraq With 16% Share

Iran Third Biggest Trading Partner of Iraq With 16% ShareIran Third Biggest Trading Partner of Iraq With 16% Share

Iran was the third biggest trading partner of Iraq in 2016.

Turkey, with a 22% share in Iraq’s foreign trade, is Baghdad’s top trade partner followed by China with a 20% and Iran with a 16% share, the chairman of Trade Promotion Organization of Iran said.

Mojtaba Khosrotaj made the announcement during the Sixth Iran-Iraq Economic Expansion Meeting held in Mashhad, IRNA reported on Thursday.

According to the official, food exports constituted 19% of Iran’s non-oil exports to Iraq in the past three years followed by agro products (15%), chemical products (15%), energy products (11%), construction materials (10%), machinery and vehicles (5%), home appliances (4%), textiles (3%) and other products (18%).

“On average, Iran exported $6-6.5 billion worth of commodities to the neighboring country per annum in the past three years, as Iraq’s export to Iran has been low and amounted to $50-60 million,” Khosrotaj said.

According to Iran’s commercial attache to Iraq, Nasser Behzad, Iran exported 10 million tons of goods worth over $5 billion to Iraq during the 10 months ending Jan. 20, indicating a 2% increase compared with last year’s corresponding period.

Among the products witnessing the highest year-on-year growth in exports were steam turbine parts with a substantial increase of 302%, plastic sheets with a 285% rise, pastries with a 61% rise and low density oil with a 139% growth.

Behzad noted that Iraq is Iran’s second biggest non-oil export destination after China.

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