Iran’s Non-Oil Exports to Iraq Up 30%

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According to a representative of the Iran-Iraq Joint Chamber of Commerce, Iran sold $6.2 billion worth of non-oil commodities to Iraq in the first eight months of the current Iranian calendar year, which began on March 21, 2023. This represents a 30% increase over the same time in 2022.

According to Hamid Hosseini, it is anticipated that the nation’s product exports to Iraq would reach a new high of $10 billion by the year’s end (to finish on March 20, 2024) due to the significant growth in bilateral trade exchanges.

In an interview with IRNA, he discussed several challenges related to cash availability in Iraq and stated that, in spite of these challenges, Iranian exports to this Arab nation are trending higher.

Hosseini brought up the fact that Iran now exports goods to Iraq on a monthly basis for around $775 million.

According to him, Iraq is still regarded as Iran’s second export target market.

He stated that local importers of commodities should supply their currencies at a greater rate, pointing out that Iraq forbade the use of foreign currencies in its operations starting in 2024.

In order to promote trade and economic activity, he urged responsible officials to take decisive action to eliminate the trade barrier between the two nations.

In order to facilitate economic activists’ transactions with any country in the national currency, offshore rial is set to become live within the next several months, according to the deputy governor of the Central Bank of Iran (CBI) for international relations matters.

According to Mohsen Karimi, the offshore rial will be started in neighboring Iraq and Afghanistan because of the strong social ties there, as well as in the Russian Federation because a bilateral monetary agreement has been finalized.