Iran reports major rise in exports to Iraq in Q1 calendar year

Iran has reported a major a rise in exports to neighboring Iraq in the first quarter of the calendar year.

Iran’s exports to Iraq rose by more than 27% year on year in the quarter to June 20 to reach nearly $3 billion, according to figures announced on Sunday by a senior official of the country’s Trade Promotion Organization (TPO).

Farzad Piltan, who leads Iran’s trade expansion activities in Iraq, said that Iran’s imports from Iraq over the June quarter had reached $107 million, an increase of 25% compared to the same period in 2023.

Natural gas accounted for the largest chunk of Iranian exports to Iraq as the country supplied $1.21 billion worth of pipeline gas to its Arab neighbor over the three months to late June, Piltan said, adding that steel shipments reached $223 million while exports of major agrifood products rose to nearly $215 million over the same period.

Figures by the Iranian customs office released earlier this month showed that total Iranian exports to Iraq, including its supply of oil and mazut, engineering and technical services and goods carried by passengers had been worth $7.25 billion in the June quarter.

Iran posted a $0.8 billion trade deficit in the June quarter as trade with other countries reached a total value of nearly $40 billion.

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