Iraq achieves $20.42 billion trade surplus on robust oil exports
Shafaq News/ In 2023, Iraq achieved a significant trade surplus of $20.42 billion.
According to "Statista", which specializes in global market and consumer data, Iraq’s exports reaching approximately $115.95 billion and imports totaling $95.53 billion.
Statista also noted that Iraq's primary export partners were China, accounting for 26% of its exports, followed by India at 24%, South Korea at 9%, and the United States at 8%.
On the import side, China was again the leading partner, representing 28% of Iraq's imports, followed by Turkiye at 21% and the United Arab Emirates at 19%.
Iraq's economy relies heavily on its natural resources, particularly oil, which constitutes most of the country's exports.
As one of the largest oil producers in the world, Iraq's crude oil exports dominate its trade portfolio, accounting for over 90% of its export revenues.
The country’s oil reserves are among the largest globally, making it a critical player in the global energy market.
Besides oil, Iraq also exports a smaller volume of other goods, including petrochemical products, sulfur, and some agricultural products such as dates, among the finest in the world. However, these non-oil exports represent a minor fraction of the total export value.
