Apr 10, 2020 06:32 UTC
  • Iran exports to Iraq down y/y in February at $11bn

A major Iranian businessman says exports of goods and services to Iraq were down year on year in February at $11 billion.

According to reports, Yahya Al Eshaq, who leads the Iran-Iraq Joint Chamber of Commerce, said on Thursday that exports to Iraq had been affected by the spread of the new coronavirus in Iran, saying, however, that the trade between the countries will grow despite current problems.

He said total exports to Iraq, which include energy and services, had reached a record high of $ 13 billion in March 2019.

He said Iran aims to meet a target of $20 billion in exports to Iraq in a matter of few years, adding that Iranian businesses are expected to sell between $13 to $14 billion worth of products and services to Iraq in the current Persian calendar year ending March 2021.

The businessman admitted that political instability in Iraq was another reason for a slight decline in imports of Iranian products and services over the past year.

"We see these restrictions as temporary because all issues will be resolved," said Al Eshaq, adding that the Iraqi market is of a vital importance to Iran's foreign trade.

Iran has sought to offset the impacts of the illegal US sanctions on its sale of oil through a series of measures to boost foreign trade, especially with the neighboring countries.

Iraq is second to China in Iran's list of top destinations for exports. The West Asian country's main import items from Iran include food, natural gas, electricity and construction materials.