Turkish Exports to Iraq: A 2024 Overview
In a recent analysis, Ubaidi reported that Turkish exports to Iraq are anticipated to reach $11.2 billion in 2024, marking a modest increase of 2.33% compared to 2023, when exports totaled $11 billion.
Despite this overall growth, there has been a significant decline in Turkish gold exports to Iraq, which fell by 36%. The value of these exports decreased from $1.5 billion in 2023 to $1 billion in 2024. Gold represented 14% of total Turkish exports to Iraq in the previous year, but this proportion has now dropped to 9%.
Ubaidi noted, "Despite the challenges presented by the decline in gold exports, there has been remarkable growth in other sectors. Exports of electrical devices, mechanical equipment, furniture, clothing, and carpets have significantly increased, effectively compensating for the drop in gold sales and contributing to the maintenance of overall high export levels from Turkey."
On another note, total exports from Iraq to Turkey did not exceed $548 million in 2024, a decrease from $693 million the previous year. The majority of these exports comprised oil derivatives and mineral fuels.
Ubaidi commented on the implications of this trade imbalance, stating, "This substantial discrepancy between exports and imports has resulted in a trade deficit of $10.7 billion for Iraq with Turkey. This situation positions Iraq among the countries experiencing one of the largest trade deficits, alongside the UAE and Iran."
The economic landscape between Turkey and Iraq highlights significant trade dynamics that could have broader implications for the region’s economic stability and growth potential.