Iran announces decline in trade with Iraq over the past 11 months

Shafaq News / The Iranian Customs Authority announced on Saturday that ten countries accounted for 84% of its total trade over the past 11 months, amid a decline in trade with Iraq during this period.

According to a statement from the Iranian Customs Authority, trade with these ten countries amounted to 136.064 million tons valued at $88.441 billion during the mentioned period.

The statement highlighted that the top trading partners with Iran, constituting 84% of the country's total trade with the world, are China, the United Arab Emirates, Turkey, Iraq, India, Pakistan, Russia, Oman, Germany, and Afghanistan.

It was further mentioned that trade with Iraq decreased by 5% in terms of value and by 1% in terms of quantity over the 11 months.

The statement continued, noting that trade with Russia saw the highest increase among the top 10 trading partners, with a quantity increase of 54% and a value increase of 24%.

Noteworthy, Trade between Iraq and Iran is characterized by deep economic ties and mutual dependency, with both countries serving as significant trading partners.

Their relation is bolstered by geographical proximity, historical connections, and complementary economic needs.

Energy trade, particularly in crude oil, natural gas, and electricity, forms a substantial portion of the bilateral exchange.

Cross-border commerce facilitated by numerous active border crossings plays a vital role in facilitating the movement of goods and people between the two nations.

Both countries operate within a legal framework governed by bilateral agreements and international trade regulations, although informal trade also contributes to overall trade volumes.

Overall, trade between Iraq and Iran stands as a crucial component of their respective economies, offering avenues for investment, commerce, and mutual prosperity.