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Trade relations between Iraq and Turkey
Economic 12/03/2024
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Trade relations between Iraq and Turkey have witnessed a continuous and noticeable improvement over the years, despite the complexities of the water crisis between the two countries, and all the data produced by military events on the border from time to time. The
volume of trade exchange increases remarkably from year to year, jumping from $13 billion in 2023 to about $20 billion this year. According to trade balance measurements, about 95 percent of the revenues from the volume of trade are in favor of neighboring Turkey, although most of the imported goods can be produced in Iraq, especially agricultural products, processed foods, and ready-made clothing. The difference in the cost of producing these goods in Iraq compared to their counterparts produced in Turkey may be due to the decline in the exchange rate of the Turkish lira compared to the exchange rate of the local Iraqi currency, which raises the cost of the unit produced in Iraq compared to the low value of this cost for their counterparts produced inside Turkey.
Hence, businessmen tend to import as the best option than engaging in production processes and capital cycle risks, in addition to the proximity of Turkish markets to Iraqi markets and the ease of exchange between the two neighboring countries, with the similarity of consumption patterns between the two peoples, which made it easy for Turkish producers to read the features of the Iraqi market according to the pattern and taste that is relatively close to the Turkish taste compared to the markets that witness remarkable activity in their trade relations with the Iraqi markets, but due to the reasons we have mentioned, they cannot compete with Turkey, including Jordan and Saudi Arabia, where production costs are high, and besieged Iran, which cannot provide permanence to ensure the presence of its products in the Iraqi market, and other countries that witness remarkable trade exchange with Iraq, but the transportation link takes a place in the price calculations and marketing time, such as China, India, South Korea, the United States, Germany, Brazil, Japan, and Australia.
Accordingly, what the Turkish President indicated last April during his visit to Baghdad, saying: “We are determined to participate in the path of development to achieve commercial development,” which is in the same direction regarding achieving Turkish commercial interests, with the signing of many trade agreements with Iraq, prompts us to take into consideration, as we establish good relations with our neighbor Turkey after the launch of new mechanisms to initiate financial transfers in the context of commercial exchanges during the visit of the Governor of the Central Bank of Iraq to Istanbul recently, so that the priority in our economic calculations is the water file as the file that will be used to ensure the continued access of the Turkish side to Iraqi oil and gas, and to ensure the achievement of Turkish interests through the flow of goods to Europe through development passing through its lands.
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