TEHRAN – The value of Iran’s export to Iraq rose 20 percent during the first 11 months of the current Iranian calendar year (March 21, 2021-February 19, 2022), as compared to the same period of time in the past year, the spokesman of Islamic Republic of Iran Customs Administration (IRICA) announced.

Ruhollah Latifi said Iran exported over 28 million tons of commodities worth $8.222 billion to its neighbor in the said 11-month time, indicating also 17 percent growth in terms of weight.

According to the official, Iran’s export to Iraq accounted for 19 percent and 15 percent of the country’s non-oil export value and weight, respectively, during the first eleven months of the present year. 

As previously announced by the IRICA deputy head, the value of Iran’s non-oil trade rose 38 percent during the first 11 months of the current year.

Foroud Asgari said that Iran traded over 149.4 million tons of non-oil products worth $90 billion with other countries in the mentioned period.

He noted that the weight of trade in the mentioned period also grew by 12 percent in comparison to the figure for the previous year’s same 11 months.

The official put the 11-month non-oil exports at 112.658 million tons valued at $43.517 billion, with a 40-percent rise in value and 10 percent growth in weight.

The Islamic Republic imported 36.777 million tons of non-oil commodities worth $46.577 billion in the first 11 months of the present year, with a 36 percent growth in value and a 19 percent rise in weight year on year, according to the official.

As stated by the chairman of Iran-Iraq Joint Chamber of Commerce, Iran is planning to boost its annual trade with neighboring Iraq to $20 billion.

Yahya Al-e Eshagh, made the remarks in a business forum between Iran and Iraq’s Kirkuk province in last December, saying that Iranian and Iraqi governments are determined to develop regional cooperation in all areas.

“Despite all events that are happening in the region, the relationship between the two countries of Iran and Iraq are on the upward trajectory,” the official said.

The current administration of Iran under President Raeisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, he emphasized.

Elsewhere in his remarks, the chairman of the Iran-Iraq Joint Chamber of Commerce pointed to the country’s planning for a $20 billion trade with Iraq and put the current trade volume exchange between the two countries at about $13-$14 billion.

Iran and Iraq signed a memorandum of understanding (MOU) on economic cooperation back in January 2021, at the end of the fourth meeting of the two countries’ Joint Economic Committee.

During the committee meeting, technical committees were formed in various business fields to discuss technical and engineering services and other topics of interest. The meeting also proposed and supported the establishment of a joint investment fund between the two countries and hopes to continue its path.

Good agreements were also reached to review establishing a shipping corridor and increasing the number of Iraqi aircrafts passing over Iran.

MA/MA