Iraq achieves remarkable trade surplus in 2022, report says

Shafaq News / A statistical analysis conducted by the German-based market and consumer data company, Statista, has revealed that Iraq has attained its most substantial trade surplus in a decade, marking an impressive economic milestone for the year 2022.

The trade balance, indicative of disparities between a country's imports and exports of goods throughout the year, designates a surplus when the value of exports surpasses that of imports. Conversely, when the total imports exceed the total exports, it is referred to as a trade deficit.

In a data table, Statista highlighted that Iraq achieved its highest trade surplus in goods for the year 2022 over the past ten years. The surplus for the previous year amounted to a remarkable $53.54 billion, representing a substantial 64% increase compared to 2021 when the trade surplus for goods stood at $20.08 billion.

The data indicates that Iraq faced trade deficits in its balance for two consecutive years, the first being in 2020 when the deficit reached $4.11 billion, followed by another in 2015, with a trade deficit of $0.94 billion.

In contrast, the year 2019 witnessed a surplus of $16.62 billion in the trade balance, while 2018 marked another surplus of $35.95 billion. The trade surplus for the year 2017 was notable at $15.1 billion. Further, a substantial trade surplus of $35.39 billion was recorded in the year 2012.