Present-day Iraq is located between the Persian Gulf and Iran in the Middle East. Its population of over 38 million is extremely involved in global trade, as a large portion of its GDP relies on imports and exports. Below are 10 facts about trade in Iraq.
- That “large portion” previously mentioned is about 50%–half of Iraq’s GDP comes from trade, making it the 48th largest export country in the world.
- Iraq is the 61st greatest importer in the world.
- Last year, Iraq had a positive trade balance of over 16 billion, meaning that the country exports far more than it imports.
- Iraq is the world’s second-largest oil reserve owner.
- Iraq’s main exports are crude petroleum at $47.7 billion, refined petroleum at $295 million, gold at $212 million, lubricating products at $90.4 million and tropical fruits at $62.3 million.
- The majority of Iraq’s imports are cars at $872 million, packaged medical materials at $671 million, rice at $671 million and raw iron bars at $542 million.
- Iraq exports the most materials to China, India, the United States, South Korea and Italy.
- The largest shipments of Iraq imports come from Turkey, China, the United States, South Korea and India.
- Declining stability since the origin of the Islamic State of Iraq and Syria (ISIS), as well as decreased oil prices internationally, has lowered Iraq’s economic efficiency in the past few years.
- In 2016, the United States’ trade deficit with Iraq was $4.7 billion. This means that, in relation to Iraq, the United States imports far more than it exports, and this number is increasing.
These 10 facts about trade in Iraq show that trade is an incredibly large aspect of the country’s economy that continues to grow and holds an international presence. While its outlook in the oil market seems bright, the economic fallout from the creation of ISIS is a cause of uncertainty for the nation’s economic future.
– Emily Trosclair