Iraq achieves $20.42 billion trade surplus on robust oil exports

In 2023, Iraq accomplished a critical exchange overflow of $20.42 billion.

As per “Statista”, which has practical experience in worldwide market and purchaser information, Iraq’s commodities coming to around $115.95 billion and imports adding up to $95.53 billion.

Statista additionally noticed that Iraq’s essential commodity accomplices were China, representing 26% of its products, trailed by India at 24%, South Korea at 9%, and the US at 8%.

On the import side, China was again the main accomplice, addressing 28% of Iraq’s imports, trailed by Turkiye at 21% and the Assembled Bedouin Emirates at 19%.

Iraq’s economy depends intensely on its regular assets, especially oil, which comprises the majority of the nation’s products.

As one of the biggest oil makers on the planet, Iraq’s unrefined petroleum sends out rule its exchange portfolio, representing more than 90% of its product incomes.

Since the nation has some of the world’s largest oil reserves, it is an important player in the global energy market.

Other than oil, Iraq likewise sends out a more modest volume of different merchandise, including petrochemical items, sulfur, and a few rural items like dates, among the best on the planet. Notwithstanding, these non-oil sends out address a minor part of the all out trade esteem.