Iran aims to triple exports to Iraq in long-term (Exclusive)
Tehran, Iran, Jan. 19
By Kamyar Eghbal – Trend:
Iran has set a 20-billion exports target to Iraq in the long-term, Iran's senior trade official told Trend.
“Despite the drop in the country’s total exports, Iran’s exports to Iraq increased by 12 percent month to month in the first nine months of the current fiscal year (starting March 20),” the head of joint chamber of commerce of Iran and Iraq, Yahya Al-e Eshaq said.
He forecasted that Iran’s exports to Iraq would hit $8 billion by the end of the current fiscal year.
Construction materials, food products, technical and engineering services as well as gas are among the main exports of Iran to the neighboring Arab country.
Iran’s non-oil exports to Iraq within the first nine months of the current fiscal year (starting March 20) accounted for $4.6 billion.
However, the latest report by the Trade Promotion Organization of Iran suggests that the volume of Iran’s exports to Iraq in the nine-month period dropped by 12 percent year on year, amounting to 9.7 million tons.
Iran saw Iraq as its second largest market over the fiscal 2017/18 as the Arab nation accounted for 14.6 percent of the value of the Islamic Republic’s exports.
According to the Trade Promotion Organization, the value of Iran’s total exports in the nine-month period dropped by three percent to stand at $28.6 billion. China with a total import value of $6.5 billion was the top importer of Iranian non-oil goods.