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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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    What are the reasons for the increase in Chinese exports to Iraq?

    Rocky
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    What are the reasons for the increase in Chinese exports to Iraq? Empty What are the reasons for the increase in Chinese exports to Iraq?

    Post by Rocky Today at 5:39 am

    What are the reasons for the increase in Chinese exports to Iraq?
    2024-10-21
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    The value of Chinese exports to Iraq has increased this year for all goods and products, as compared to last year, it appears that imports have increased by more than one billion dollars. While experts attributed this increase to the lower cost of Chinese products and the decline of local industry, they expected that regional security and political conditions prompted more imports for fear of the situation worsening to the point that import activity would be difficult.
    Economic expert Nasser Al-Kanani said, during an interview with “Al-Alam Al-Jadeed”, that “the increase in the volume of imports with China is a natural thing in light of the absence of a local industry that can meet the need in the local market, and this is why we see an increase in the volume of Chinese exports to Iraq.”
    Al-Kanani added, “There is a great demand for various Chinese products due to the high demand for them by citizens because of their low price compared to other products from other countries, and this has increased the demand of merchants for Chinese goods.”
    He confirms that “the increase in demand for Chinese goods also contributed to the rise in the dollar exchange rate in the local market, as some imports are done through dollars that are bought from the parallel market, and this is why we have seen a noticeable rise in the dollar price.” 
    Data from the Chinese Customs Authority showed yesterday, Sunday, that the value of exports to Iraq increased during the nine months of 2024 compared to the same period in 2023 by 12 percent, and the value of direct Chinese 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 percent 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 percent 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 percent, 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 percent of total Chinese goods exports to Iraq.
    The Chinese Customs Authority expected that the value of exports to Iraq would reach about 16 billion US dollars by the end of 2024.
    It is noteworthy that Iraq consistently tops the list of importers of most Turkish goods, and Turkish data is often issued indicating that Iraq is in advanced positions, as it usually comes in second or third place in importers of various types of goods, including food, agricultural products, wood, and even nuts.
    For his part, Alaa Al-Fahd, a researcher in economic and financial affairs, explained during an interview with “Al-Alam Al-Jadeed” that “the increase in exports from China and other countries is a natural thing in light of the circumstances that the region is going through and the fears of the expansion of the circle of conflict, and this is why the demand for imports has increased for fear of incidents that may lead to difficulty in importing.”
    Al-Fahd confirms that, “This increase in imports has certainly increased the dollar exchange rate in the local market, as there are many import operations that are still financed through the parallel market and not through the platform by small traders, and this has increased the demand for the dollar in the black market to pay the import value.”
    He added, “The high imports in Iraq are normal due to the lack of a local product sufficient to meet the market’s needs. Therefore, in the coming years, the demand for various imports may increase in the absence of a local industry, and this is what prompts the Iraqi government to work in a real way to activate the local national industry in various sectors.”  
    The industrial sector in Iraq in general has been facing a major deterioration since 2003 until now, in light of the shutdown of most factories and the shift towards imports. The Federation of Iraqi Industries estimated years ago the percentage of stalled projects at 40 thousand projects. Successive government programs always include the topic of stimulating the economy and local industry, but without fulfilling any promise. Rather, the wheel of trade exchange with the countries of the region continues while neglecting local industry.
    In addition to the government sector, private sector projects have witnessed a halt and even a major collapse due to the lack of production infrastructure, such as continuous electricity or the necessary protection, especially in light of the security events that the country is experiencing on an ongoing basis, which has had a negative impact on the Iraqi street, which has become a consumer of imported goods.
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