Former head of the Islamic Republic of Iran Customs Administration (IRICA), Mohammad Rezvanifar, has disclosed that Iraq imported $7.3 billion worth of non-oil goods from Iran between March and October 2024.
Speaking to the Tehran Times, Rezvanifar highlighted Iraq as Iran’s second-largest destination for non-oil exports during the seven-month period. He added that annual trade between the neighboring countries is valued at approximately $10 billion, reflecting strong economic ties.
Trade volumes between Iraq and Iran have shown consistent growth, increasing by around $150 million monthly since March 2024. In the first four months of 2024 alone, bilateral trade reached $3.77 billion, a 22% increase compared to the same period in 2023.
Iraq’s reconstruction and development needs, coupled with its reliance on Iranian imports, have positioned it as Iran’s second-largest trade partner after China. Additionally, Iraq’s dependence on Iranian natural gas for electricity generation underscores the strategic importance of their economic relationship.
Officials from both nations have expressed optimism about further enhancing trade, with projections suggesting that the total volume could surpass $10 billion by the fiscal year ending March 2025.
