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Iraq's Oil Exports to China Jumped by Nearly 50% in 2022: Statement
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ERBIL — The Chinese embassy announced on Thursday that China imported a total of 55.49 tonnes of crude oil from Iraq in 2022. This represents a substantial increase of 47.49% in Iraq's oil exports to China, reaching a total of $39.04 billion.
The two countries witnessed an overall surge in trade during the past year, with the total value of goods traded between them reaching $53.37 billion. This is a significant rise of 43.1% compared to 2021, as confirmed by data released by the Chinese embassy.
Iraq is considered one of the largest beneficiaries of China's Belt and Road Initiative, which aims to establish stronger economic ties across the Middle East through the provision of multi-billion dollar construction and energy contracts.
In 2022, Beijing invested $10.5 billion in new construction deals in Iraq, reflecting a significant shift in China's engagement with the region. Despite a broader decline in Chinese outbound investment, Beijing has continued to prioritize the development of deeper economic relationships with Iraq, one of OPEC's largest oil producers.
Chinese Ambassador to Baghdad, Cui Wei, highlighted the significance of Iraq as China's biggest partner in terms of contracts and its second largest commercial partner. This underscores the growing perception among Arab leaders that the US is disengaging from the Middle East.
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