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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq loses more than 10 billion dollars annually due to the transportation balance deficit.. It reli

    Rocky
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    Iraq loses more than 10 billion dollars annually due to the transportation balance deficit.. It reli Empty Iraq loses more than 10 billion dollars annually due to the transportation balance deficit.. It reli

    Post by Rocky Sat 25 Dec 2021, 9:21 am


    [size=30]Iraq loses more than 10 billion dollars annually due to the transportation balance deficit.. It relies on foreign ships in its trade and owns only 8 tankers

    2021-12-25
    [/size]
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    Yes Iraq: Baghdad

    Iraq, specifically in the ports and trade sector, suffers from a major loophole that has caused it to lose about 10 billion dollars during the past year 2020, as a result of Iraq’s lack of an integrated fleet, as Iraq relies on importing its goods and exporting oil and other exports on chartering ships to foreign companies that undertake the process of transporting these goods.
     
    Economist Nabil Al-Marsoumi says in a clarification that he followed, “Yes Iraq,” that “the net account of services in the Iraqi balance of payments = – 9.994 billion dollars in 2020 for several reasons.”
    He explained that "the most important of these reasons is that Iraq imports goods in the CIF method and continues to the import ports or border ports, while it is issued by the FOB method, i.e., put forward at the export port, and the companies undertake to load the goods from the port."
    He added, "Therefore, Iraq paid $7.222 billion in 2020 for the cost of shipping and insurance for imported goods, and if Iraq had an integrated fleet of maritime transport through which it could import goods by FOB method and not by sword, Iraq would have achieved large financial revenues that could constitute an important tributary for financing the general budget and an outlet for operating Then the Iraqi economy will not collapse after 10 years.”
     
    For his part, researcher Adnan Al-Khayyat says in a study, “The Iraqi Oil Tankers Company was established in 1972 by owning four tankers, and during the seventies of the last century, the fleet of this company consisted of (15) crude oil tankers, and this number increased to (24) tankers. During the eighties, the crews of the marine cadres to lead and manage the fleet became Iraqi crews, by increasing reliance on the national effort in this field and gradually dispensing with foreign crews.” However, according to the latest statistics in 2020, Iraq currently owns only 8 tankers.
    Al-Khayat explains that “Iraq’s ports were able to occupy the highest ranks among the world’s ports, but this position has declined due to the wars that Iraq has gone through, as these ports have been subjected to destruction and obsolescence in their infrastructure, especially after 1990, which led to the suspension of work in the greater part. of the Iraqi Merchant Marine Fleet.
    Iraq currently owns six ports: (Umm Qasr Port, Khor Al-Zubayr Port, Basra Oil Port, Khor Al-Amaya Port, Abu Al-Falus Port, Al-Maqal Port), and two of these ports are dedicated to the export of oil, but the developments taking place in the specifications of ports and merchant ships Global in terms of volumes, tonnages, and the required capacity and absorptive capacity in the berths, as well as what they need from the sea depths, have made the current ports of Iraq unable to respond to the requirements of modern specifications for maritime commercial transport operations, and then it has become the task of implementing and completing the Faw port project. The large, with its advanced specifications, is a strategic option in order to find solutions to the problems of Iraqi ports towards the modernization and development of their capacity.
    According to the annual economic report of the Central Bank of Iraq for the year 2019, the net services account in the Iraqi balance of payments achieved a deficit of (15547.2) million dollars as a result of the increase in payments related to shipping, transport and insurance costs, which amounted to (22864,) million dollars, while the revenues of this account amounted to The account is about $7317.7 million, most of which came from proceeds obtained from travel services for people coming to Iraq for tourism purposes.
     
    As for the value of imports calculated on the basis of (CIF), it amounted to about (58,138) million dollars in 2019, and the value of exports calculated on the basis of (FOB), most of which constitutes oil, amounted to (81,585) million dollars in the same year, after it was It represented in 2005 (23532) million dollars and (23697.4) million dollars, respectively, and the size of the deficit in the services account in the balance of payments was within (5738.9) million dollars in 2005, which illustrates the extent of Iraq's increasing dependence on Purchasing foreign services in its international trade, especially transportation services, which constitute more than 45% of the total debit side in the services account.
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