Iran Press/ West Asia: Farzad Piltan, an adviser to the head of the Trade Promotion Organization of Iran (TPOI), stated that Iran's exports of goods to Iraq in the past 3 months reached around $3 billion, representing a 27% hike compared to the same period last year.
The key exports from Iran to Iraq included natural gas, ferrous and steel bars, iron and steel ingots, tiles, ceramics, gas turbines, polyethylene compounds, transformers, clinker, infant formula, water coolers, and fresh apples.
According to the Islamic Republic of Iran Customs Administration (IRICA), Iran had exported $2.346 billion worth of non-oil products to Iraq in the first three months of the previous Iranian calendar year (March 21 to June 22, 2023).
Piltan also noted that Iran's imports from Iraq during the first three months of the current year (March 21 to June 22, 2024) stood at around $107 million, reflecting a 25% growth compared to the same period last year.
The surge in Iran's non-oil exports to Iraq underscores the growing economic ties between the two neighboring countries, despite the ongoing regional tensions. The diversification of export products also suggests that Iran is seeking to expand its market share in the Iraqi economy.
As Iran continues to navigate the challenges posed by the U.S. sanctions, the increase in trade with Iraq, a key regional partner, could provide a crucial lifeline for the country's non-oil export sector and contribute to its economic resilience.
205
