The Ministry Of Commerce Announces Plans To Balance The Market And Meet Consumer Needs.
Economy | 06/07/2025 Mawazine News – Baghdad – The Ministry of Trade revealed, on Sunday, its plan to regulate import policy and protect local products. It also confirmed the development of plans to balance the market and meet consumer needs, including adjusting customs duties for a category of imported goods.
Ministry of Trade spokesman Mohammed Hanoun told the official agency, followed by Mawazine News, that “the Ministry of Trade seeks to regulate import policy through a set of plans and procedures aimed at protecting local products while achieving market balance and meeting consumer needs.”
He added, “The plans include updating the list of prohibited and restricted goods for import. The ministry periodically reviews and updates the lists of prohibited or restricted goods, in coordination with the relevant sectoral authorities, in line with national production capacities and to prevent the market from being flooded with competing imported goods.
He pointed out that “the ministry has given priority to local products in government procurement, and the ministry adopts a policy of preferring local products in government supply contracts, including ministries and official bodies, in support of national industries.”
He explained that “the plans include the effective implementation of the import license system, as import licenses are granted according to well-studied plans based on the needs of the local market and the production capacity of Iraqi factories to prevent random imports that harm national production.”
They also include measures to strengthen control over border crossings in cooperation with the General Authority of Customs and security authorities. Control over border crossings is being tightened to prevent the entry of unauthorized or poor-quality goods that harm fair competition.”
He continued, “The ministry is adopting a partnership approach with the Federations of Chambers of Commerce and Industry and relevant federations to ensure that import decisions support the aspirations of the Iraqi private sector.
To implement customs tariffs in accordance with protection requirements, the Ministry of Trade is coordinating with the Ministry of Finance to propose amendments to customs duties for imported goods that have a local alternative, thus enhancing the competitiveness of the national product.”
He concluded by saying, “The plans include a deliberate openness to international markets while protecting the local market, as the ministry is working to enhance Iraq’s trade openness with countries around the world through well-considered trade agreements that guarantee national interests.” https://www.mawazin.net/Details.aspx?jimare=263543
Iraq Raises Oil Production To 4.17 Million Barrels Per Day As Part Of A New OPEC+ Increase.
Economist Nabil Al-Marsoumi announced that Iraq’s share of oil production will increase by 48,000 barrels per day in August, reaching 4.17 million barrels, up from 4.122 million barrels in July.
Al-Marsoumi explained in a press statement on Sunday that this increase comes as part of the OPEC+ alliance’s decision to raise its total oil production by 548,000 barrels per day, the largest increase in several months, in an attempt to balance global markets.
He indicated that this step could put pressure on prices, especially in light of the continued fluctuations in global demand, in addition to parallel increases in production from countries outside the alliance.
https://www.radionawa.com/all-detail.aspx?jimare=42189
The US Increases Its Oil Imports From Iraq To 212,000 Barrels Per Day.
Economy | 06/07/2025 Mawazine News – Follow-up The US Energy Information Administration announced, on Sunday, that America increased its oil imports from Iraq during the past week.
The administration said in its statistics, “The average US imports of crude oil during the past week from 10 major countries reached an average of 6.188 million barrels per day, an increase of 952 thousand barrels per day compared to the previous week, which averaged 5.236 million barrels per day.”
It added that “Iraq’s oil exports to America reached an average of 212 thousand barrels per day, an increase of 29 thousand barrels per day compared to the previous week, which averaged 183 thousand barrels per day.”
The administration also indicated that “the largest oil revenues to America during the past week came from Canada, at an average of 4.228 million barrels per day, followed by Nigeria at an average of 419 thousand barrels per day, followed by Saudi Arabia at an average of 351 thousand barrels, Mexico at an average of 342 thousand barrels per day, and Brazil at an average of 191 thousand barrels per day.”
According to the table, “US crude oil imports from Colombia averaged 175,000 barrels per day, from Ecuador 126,000 barrels per day, from Libya 80,000 barrels, and from Venezuela 64,000 barrels per day.” https://www.mawazin.net/Details.aspx?jimare=263519
The Dollar Price Rises Again In Baghdad.
economy | 06/07/2025 Mawazine News – Baghdad – The dollar rose against the dinar on Sunday, with the Baghdad Stock Exchange closed for the Muharram holiday.
The dollar rose against the dinar, with the selling price reaching 141,500 Iraqi dinars per $100, and the buying price reaching 141,000 dinars per $100. https://www.mawazin.net/Details.aspx?jimare=263524
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