Iraq becomes fourth-largest importer of Turkish products
The Turkish Statistical Institute revealed on Saturday that Iraq became the fourth-largest importer of Turkish products in July.
The Turkish authority, which is the government agency commissioned with creating official data on Turkey, indicated that the country’s exports increased by 13.8 percent during July, whereas its imports decreased by 7.8 percent.
Iraq followed Germany, the UAE, and the United States with imports from Turkey worth nearly $1.06 billion.
Compared to the country’s imports from Jordan and the Gulf states, Iraq imports the majority of its goods, commodities, and consumables from neighboring countries, particularly Turkey and Iran.
According to remarks made by Iraq’s Prime Minister, Mohammed Shia Al-Sudani, last year, the volume of trade between Iraq and Turkey amounted to almost $20 billion.
Turkey’s Transport and Infrastructure Minister Abdulkadir Uraloglu mentioned earlier that once the strategic project of the Development Road is operational, trade exchange between Turkey and Iraq will increase from $20 billion to $30 or $40 billion.
Over the previous three decades, trade exchange between Turkey and Iraq has grown dramatically. Turkey’s exports to Iraq in 2021 amounted to $11.1 billion, a significant increase compared to $119 million in 1995.
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