Iraq ranks fifth among GCC trade partners

Shafaq News – Baghdad

Iraq has emerged as one of the Gulf Cooperation Council’s (GCC) top trading partners in 2024, after Gulf exports to the country increased by 47.9%, according to the GCC Statistical Center.

The data showed that GCC exports to Iraq rose to $35.5B in 2024, up from $24B in 2023, pushing Iraq to fifth place among the bloc’s leading trade partners and replacing the United States in that position.

China remained the GCC’s largest trading partner, followed by India, Japan, and South Korea, with Iraq ranking fifth, accounting for 4.2 percent of total GCC exports in 2024.

Exports to Iraq included petroleum derivatives, plastics and related products, iron and metals, electrical and electronic machinery and equipment, as well as foodstuffs and construction materials.

“The variety of exported goods reflects the growing scope of economic cooperation between Iraq and GCC countries,” the center added.