Growth in Turkish Exports to Iraq in 2024: An Economic Overview
Baghdad, February 1, 2025 – Economic researcher Manar Al-Ubaidi has reported a modest increase in Turkish exports to Iraq over the past year. In 2024, these exports reached a total of $11.2 billion, marking an annual growth of 2.33% compared to $11 billion in 2023.
Decline in Gold Exports
Despite this overall growth, Turkish gold exports to Iraq experienced significant contraction, declining by 36%. The value of gold exports dropped from $1.5 billion in 2023 to $1 billion in 2024. Consequently, gold’s share of total Turkish exports to Iraq fell from 14% to 9%.
Compensation through Diverse Commodities
Al-Ubaidi highlighted that the decline in gold exports was offset by increases in other commodity categories. Notably, exports of electrical and mechanical equipment, along with furniture, clothing, and carpets, showed remarkable growth, which helped maintain the overall strength of Turkish exports.
Iraq’s Exports to Turkey
In contrast, Iraq’s exports to Turkey amounted to only $548 million in 2024, a decrease from $693 million in the previous year. The majority of these exports consisted of oil derivatives and mineral fuels.
Trade Balance Implications
Al-Ubaidi concluded that this significant gap between exports and imports has resulted in a trade deficit for Iraq with Turkey, amounting to $10.7 billion. This deficit places Turkey as one of the three primary countries contributing to Iraq’s substantial trade imbalance, alongside the UAE and Iran.
Summary of Export Data
| Year | Turkish Exports to Iraq | Iraqi Exports to Turkey | Trade Deficit |
|---|---|---|---|
| 2023 | $11 billion | $693 million | $10.3 billion |
| 2024 | $11.2 billion | $548 million | $10.7 billion |
This data underscores the ongoing economic relationship between Turkey and Iraq, emphasizing the complexities of their bilateral trade dynamics.
