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Chinese goods exports to Iraq to rise sharply in 2024
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Economy News - Baghdad
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Added 10/20/2024 - 8:31 AM
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Economy News - Baghdad
Data from the Chinese Customs Authority showed that the value of exports to Iraq increased by 12% during the nine months of 2024 compared to the same period in 2023.
The value of Chinese direct exports to Iraq amounted to 11.9 billion US dollars, after it was valued at 10.6 billion US dollars during the same period in 2023.
The increase came as a result of the increase in exports of a group of basic commodities represented by the increase in the value of exported electrical appliances (of which cooling devices constitute the largest part) by 16% to reach 2.48 billion US dollars compared to 2.1 billion US dollars for the same period in 2023. The value of electrical appliances exports represents 21% of the total Chinese goods exported to Iraq.
The value of exported electronic devices (of which mobile phones and accessories represent the largest part) also increased by 33%, bringing the value of exports to $1.64 billion compared to $1.24 billion in the same period in 2023. The value of electronic device exports represents 14% of total Chinese goods exports to Iraq.
In addition, Chinese car exports increased by 44%, rising from $509 million in 2023 to $732 million in 2024, and Chinese car exports represent 6% of total Chinese goods exports to Iraq.
The value of clothing exports also increased by 16%, rising from $873 million to $1 billion in 2024, and clothing exports represent 8.5% of China's total goods exports to Iraq.
The value of Chinese exports of iron ore products fell by 25%, in addition to toys which fell by 15% and construction materials exports by 10%.
The Chinese Customs Authority expected that the value of exports to Iraq would reach about 16 billion US dollars by the end of 2024.
In contrast, Iraq exported goods to China (the largest part of which was crude oil) worth $29.5 billion, up 11.7% from the same period in 2023, which amounted to $26.4 billion in the same period in 2023.
Thus, the volume of direct trade exchange between Iraq and China during the first nine months of the year amounted to 41.4 billion US dollars, an increase of 12% over the same period in 2023, which was 37 billion US dollars.
The volume of trade exchange between Iraq and China is expected to reach around 55 billion US dollars by the end of 2024. However, if Chinese goods indirectly exported to Iraq are added, the volume of trade exchange between Iraq and China may exceed the 65 billion dollar barrier, making China Iraq's largest trading partner.
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Added 10/20/2024 - 8:31 AM
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