Iraq's imports from Turkiye rise 32% in Q1 2024

Shafaq News/ Iraq's imports from Turkiye climbed 32% in the first quarter of 2024 compared to the same period in 2023, according to a statement released by the Iraq Future Foundation for Economic Studies and Consultations on Friday.

Total imports reached $2.9 billion, driven by a 31% increase in foodstuff exports, mainly flour. Additionally, exports of other commodities, including gold, surged by 49%, while machinery and transportation equipment saw a 35% rise, the foundation stated.

Turkish data showed that Turkiye's bilateral trade with Iraq was worth $19.9 billion in 2023, down from $24.2 billion in 2022. In the first three months of 2024, Turkish exports to Iraq rose 24.5%, while imports fell 46.2%.

Notably, During President Recep Tayyip Erdogan's one-day visit to Iraq, Baghdad and Ankara signed more than 20 MOUs in various fields, including culture, agriculture, education, and health.

The two countries also agreed to a strategic framework agreement overseeing security, trade, and energy, as well as a 10-year deal on managing water resources that would consider Iraq's needs.

Erdogan and al-Sudani also oversaw signing a quadripartite memorandum of understanding between Turkiye, Iraq, Qatar, and the United Arab Emirates for cooperation on Iraq's $17 billion Development Road project, with Qatari and Emirati ministers in attendance.