Iraq Is The Fifth Largest Gulf Trading Partner After Exports To It Grew By About 50%
Money and Business Economy News – Baghdad Statistics issued by the Gulf Statistics Center showed that Iraq emerged as one of the most important trading partners of the Gulf Cooperation Council countries in 2024 after the value of Gulf exports to it jumped by 47.9%.
The report indicated that the value of Gulf exports to Iraq rose to $35.5 billion in 2024, compared to $24 billion in 2023, with Iraq replacing the United States as the fifth largest trading partner of the Gulf Cooperation Council.
The Gulf Statistics Center explained that Gulf exports to Iraq included petroleum derivatives, plastics and plastic products, iron and metals, electrical and electronic machinery and equipment, in addition to food and building materials, reflecting the diversity of trade exchange and the broad base of economic cooperation between the two sides.
According to the data, China topped the list of Gulf trading partners, followed by India, Japan and South Korea, with Iraq in fifth place, accounting for 4.2% of total Gulf exports for 2024. https://economy-news.net/content.php?id=62124
Iraq Increases Its Oil Exports To America To 195,000 Barrels Per Day
Energy Economy News — Follow-up The U.S. Energy Information Administration announced on Sunday that Iraq’s oil exports to the United States increased last week.
The administration said in a report that “the average U.S. imports of crude oil last week from nine major countries averaged 4.889 million barrels per day, down 181,000 barrels per day from the previous week’s average of 4.708 million barrels per day.”
She added that “Iraq’s oil exports to America reached an average of 195,000 barrels, an increase of 103,000 barrels per day compared to the previous week, which averaged 92,000 barrels per day.”
The administration also noted that “most of America’s oil revenues last week came from Canada at an average of 3.442 million barrels per day, followed by Saudi Arabia at an average of 403,000 barrels per day, Mexico at an average of 322,000 barrels, and Colombia at an average of 206,000 barrels per day.”
According to the table, “US imports of crude oil from Brazil averaged 200,000 barrels per day, from Nigeria 183,000 barrels per day, from Libya 97,000 barrels per day, and from Venezuela 37,000 barrels per day, while no quantity was imported from Ecuador.” https://economy-news.net/content.php?id=62113
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