Importing from Iraq

Iraq - 2021 Import Guide | Trade Finance Global

Importing from Iraq

The country holds the 44th rank as the largest export economy in the world. New contracts with international oil companies are also forecasted to increase Iraq’s oil exports about the usual level of around 1,900,000 bbl per day. The war with Iran which almost lasted for a decade brought long-term problems for Iraq because major oil export facilities were heavily damage thus the government resorted to borrowing funds and rescheduling foreign debt payments which could ultimately be summed up to reach at least $80 billion total losses. However, in the 1980s, Iraq slowly regained from these losses as oil exports increased after the rehabilitation and construction of the pipelines and facilities.

Using the Harmonized System (HS) classification, it has been identified that the top exports of Iraq are Crude Petroleum ($76B), Refined Petroleum ($890 M), Ethers ($140 M), Tropical Fruits ($65 M) and Gold ($50 M)

The top export destinations of Iraq meanwhile would include India ($18 B), China ($16B), the United States (at around $12B), South Korea ($8.3B) and Greece ($4.4B).

Iraq Country Profile

Official Name (Local Language) Jumhuriyat al-Iraq/Komar-i Eraq
Capital Baghdad
Population 38,146,025
Currency Iraqi Dinar
GDP $173 billion
Languages Arabic
Telephone Dial In 964

Iraq Exports Profile

Exports ($m USD)

84,506

Number of Export Products

21

Number of Export Partners

16

Top 5 export partners

Country

Trade

% Partner Share

Unspecified

84,303

99.76

United Arab Emirates

129

0.15

Syrian Arab Republic

34

0.04

Turkey

18

0.02

Jordan

14

Top 5 Export Products at HS 6 digit level

Export product

Number

Petroleum oils and oils obtained from bituminou

99.3%

Petroleum oils, etc, (excl. crude); preparation

0.5%

Other monoalkylethers of ethylene glycol or of

0.2%

Other lubricating preparations, with <70% petro

0.0%

Raw skins of sheep or lambs, with wool on

0.0%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Iraq

Agriculture

%

Product list

5.7%

Wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry

Industry

%

Industry list

45.1%

Petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing

Services

%

Services list

49.3%

Importing from Iraq: What is trade finance?

The imports in Iraq declined from US $50,446 million to only US $45,200 million. As reported by the Central Bank of Iraq, the country’s imports averaged US $22,700 million from 1988 to 2014. On the other hand it reached its highest peak amounting to US $50,500 million in 2013 and its lowest point occurred in 1994 at around US $ 2,700 million.

Iraq’s major import commodities are Cars ($1.6 B), Raw Iron Bars (around $1 B), Insulated Wire ($900M), Rice ($850 M) and Delivery Trucks ($800 M). In addition to these items, about 40% percent of Iraq’s main imports are machinery and transport equipment, manufactured articles at about 27%, 10% for mineral fuels and another 7% for chemicals and related products.

These commodities are imported primarily from Turkey ($12 B), China ($6.9 B), South Korea ($2 B), Italy ($1.7 B) and Germany ($1.7 B).

Information

Iraq-Map

Importing from Iraq? Contact our local experts

Iraq-Flag

Iraq Economic Statistics

Government Website

https://www.cabinet.iq/

Sovereign Ratings

https://countryeconomy.com/ratings/iraq

Central Bank

Central Bank of Iraq

Currency USD Exchange Rate

1,179

Unemployment Rate

16%

Population below poverty line

23%

Inflation Rate

2.4%

Prime Lending Rate

0.06%

GDP

$173 billion

GDP Pro Capita (PPP)

$16,500

Currency Name

Iraqi Dinar

Currency Code

IQD

World Bank Classification

Upper Middle Income

Competitive Industrial Performance

N/A

Corruption Perceptions Index

169/180

Ease of Doing Business

171/190

Enabling Trade Index

N7A

Currency in Iraq

About the Author

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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