Iran

Iran to Double Export to Iraq

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The influx of Iranian goods into the Iraqi market is growing exponentially. It’s been a long time, Iraq floods its markets with goods labeled “made in Iran”. Trade between the two nations is now 3 times what it was in 2009, peaking at USD 13bn. This figure, though, is expected to double by the end of 2017. An Iraqi trade delegation has paid a visit to Iran to discuss an increased volume of trade between the two countries.
According to Iraqi officials, the main reason behind the tendency of Iraqi market toward Iranian commodities is the higher quality and lower costs compared to Chinese goods. Reaching over USD 1.32bn in 2013, electricity and water exports are also listed among the main Iranian non-oil trade with its neighboring Iraq. According to the Iranian authorities, Iraq is a major market for Iran’s non-oil export. It’s believed by many that the presence of ISIL Takfiri terrorists in the region, especially in Iraq has crippled the trade in this country. The Iraqi officials though, believe that this damage is insignificant. Natural gas and petrochemical products, construction materials, cookies and chocolates, dairies, fruits and vegetables have been major Iranian export commodities to Iraq. Not only does the Islamic Republic export pharmaceuticals, air coolers, and food to Iraq, it’s also highly engaged in building power plants, hotels, hospitals, and airports in this country. According to the officials, Iran has vowed to contribute to the reconstruction of Iraq, and to further promote their bilateral economic ties, increasing the current figure to USD 30bn within a course of 3 years.

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