Iran's exports to Iraq hit record $10 billion in the last fiscal year

Shafaq News/ On Thursday, Iranian exports to Iraq during the fiscal year (until March 20, 2023, in the Persian calendar) reached an unprecedented number of $10 billion.

The director general of the West Asia Department of the Trade Promotion Organization of Iran (TPOI) stated that the exports to Iraq increased by 15% over the previous year, including exporting natural gas, steel alloys, dairy products, plastics, oranges, eggs, sponge iron, pipes, profile iron, types of electrical transformers, and metal industries.

Iran's imports from Iraq recorded about $200 million. He said.

Iran and Iraq have significant economic ties due to their geographical proximity and historical ties. Both countries have substantial oil reserves and share a border of over 1,400 kilometers.

Trade between the two countries has steadily increased in recent years, with Iran being one of Iraq's largest trading partners.

However, the economic ties between Iran and Iraq have faced challenges due to various factors, including economic sanctions imposed on Iran by the United States and the impact of the COVID-19 pandemic on trade and economic activity. Nevertheless, both countries have continued to work on strengthening their economic ties and have expressed their commitment to further cooperation in various areas.