India's exports to Iraq drop as fuel shipments decline by +50%

Shafaq News/ India's exports to Iraq have declined by 16% in the first half of 2024, according to a report released on Wednesday by the "Future Iraq" institution.

The value of Indian exports to Iraq during this period dropped by 16% to $803 million from $959 million in the same period of 2023. The primary driver of this decrease was a 54% slump in fuel exports, which fell from $337 million to $156 million.

While fuel exports took a hit, other sectors showed growth. Notably, India's grain exports to Iraq increased by 11% to reach $213 million. Additionally, pharmaceuticals and Aluminum exports saw an 82% and 151% surge, respectively. Chemical exports climbed by 101%. However, exports of meat, machinery, iron, and other commodities declined.

India typically exports around $2 billion worth of goods to Iraq annually.