Iraq-China trade reaches $27 bn in H1 2024

Shafaq News/ Iraqi economist Manar Al-Obaidi revealed a significant increase in trade between Iraq and China, reaching $27 billion in the first half of 2024, a 14.38% rise compared to the same period in 2023 and a 7.24% increase from the second half of 2023.

Al-Obaidi noted that Chinese exports to Iraq grew by 16.17% in the first half of this year compared to the first half of 2023, and by 12.17% compared to the second half of 2023. Chinese exports to Iraq were valued at $8.15 billion in the first half of 2024, up from $7 billion in the same period of 2023 and $7.3 billion in the latter half of 2023.

Al-Obaidi projected that Chinese exports to Iraq could exceed $16 billion in 2024, setting a new historical record. Mechanical devices, primarily air conditioners, accounted for 23% of total exports, followed by electronic devices, including mobile phones and televisions, at 13%. For the first time, Chinese cars ranked third, comprising 6% of total exports to Iraq.

Conversely, Chinese exports of iron products, automotive fuel, and clothing accessories saw declines, with automotive fuel exports dropping by 95%. However, exports of fruit-based products increased by 62%, moving to the 14th most exported commodity to Iraq.

The total trade volume between Iraq and China is expected to surpass $55 billion by the end of 2024, solidifying China as Iraq's largest trading partner.