Iran's exports to Iraq reach $3 billion in Q1 of Iranian Year

Shafaq News/ Iran's exports to Iraq totaled nearly $3 billion of non-oil goods in the first three months of the Iranian calendar year (started March 21, 2024), marking a 28% increase compared to the same period last year.

According to a report by the West Asia Office of the Trade Promotion Organization of Iran (TPOI,) the top 10 export goods from Iran to Iraq during this period included natural gas ($1.211 billion), iron or steel rods ($176 million), ceramic tiles ($56 million), fresh apples ($50 million), iron and steel ingots ($47 million), watermelons ($46 million), household water coolers ($45 million), cultivated tomatoes ($36 million), household and cleaning supplies ($33 million), and gas turbines ($27 million).

Meanwhile, Iran's imports from Iraq in the first quarter amounted to $108 million, representing a 25% growth compared to the same period last year, according to the statistics.

The report noted that the major imported items from Iraq during this period included raw gold ($58 million), aluminum ingots ($10 million), tires ($3 million), and cars ($3 million).

Iraq serves as a critical economic partner for Iran, functioning as a vital market for Iranian goods and a lucrative destination for Iranian investments. Following the imposition of severe financial and economic sanctions by the US administration under then-President Donald Trump, Iraq became an essential economic lifeline for Iran.