Iraq's oil export to China increased by nearly 50% in 2022: Official data

Iraq's oil export to China increased by nearly 50% in 2022: Official data

Shafaq News/ China imported 55. 49 tonnes of Iraq's crude oil in 2022, the Chinese embassy said in a statement on Thursday.

At $39.04 billion, Iraq's oil exports to China increased by 47.49% from 2021, it added.

Trade between Iraq and China rose to a record level last year, making Iraq the Asian country's second most important trading partner.

Goods worth around $53.37 billion were traded between the two countries, up around 43.1% from 2021, according to data from the Chinese embassy.

Iraq has become one of the biggest beneficiaries of China's Belt and Road Initiative as China deepens its economic ties across the Middle East through billion-dollar construction and energy contracts.

Beijing struck $10.5bn in new construction deals in Iraq last year, part of a "strong shift" in its engagement towards the Middle East despite a broader downturn in Chinese outbound investment.

Beijing's efforts to foster deeper economic ties with Iraq, OPEC's second-largest oil producer, coincides with a growing perception among Arab leaders that the US is disengaging from the Middle East.

"In terms of contracts, Iraq is China's biggest partner. It is also its second largest commercial partner," China's ambassador to Baghdad, Cui Wei, said in a press conference in October 2022.

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