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Economy News _ Baghdad
The Secretary-General of the Joint Iranian-Iraqi Chamber of Commerce confirmed that merchandise exports to Iraq recorded a price growth of 30 percent in the first seven months of the current fiscal year (March 22 to October 22, 2023).
Jahanbakhsh Sanjabi Shirazi explained on Tuesday that part of this growth is related to the increase in Iranian gas exports to Iraq by 1.8 percent, noting that with the onset of winter there may not be the possibility of maintaining gas export growth to the neighboring country.
On the other hand, he considered that the actions of the Central Bank of Iraq would hinder the path of Iranian exports, explaining this to the fact that the free and official exchange rates in the economic system in Iraq, which increase by more than 22 percent sometimes, lead to raising the cost of supplying Iranian goods to the Iraqi supplier by 20 percent, which reduces our competitiveness. Export.
Sanjabi Shirazi added that this issue has not had a tangible impact on Iranian exports yet, but effects may appear in the coming months in this regard.
He noted that according to the decision of the Central Bank of Iraq and the Council of Ministers, which will enter into force at the beginning of the year 2024, any deals denominated in the currency other than the dinar in Iraq will be prohibited, and that this may affect Iranian exports, which requires proposing a solution to this problem to overcome the American Federal Reserve project aimed at creating pressures. On our exports to this country.
It is noteworthy that Iranian trade exchange recorded in the aforementioned seven months, that is, until October 2023, 81.030 million tons, with a value of 60.133 billion dollars.
According to the Fars Agency, the five main markets importing Iranian goods were China with 9.181 billion dollars, Iraq with 4.029 billion dollars, the UAE with 3.476 billion, Turkey with 3.081 billion and India with 1.098 billion dollars.
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