In 2020, exports represented 23.21% of GDP (39,344.6 M.$) while imports represented 25.55 % of GDP (43,297.0 M.$).
According to OEC, in 2019, the top exports of Iraq are Crude Petroleum, Refined Petroleum, Gold, Tropical Fruits, and Petroleum Coke, exported mostly to China, India, South Korea, United State), and Italy. The top imports of Iraq are Refined Petroleum, Broadcasting Equipment, Cars, Jewelry, and Rolled Tobacco, importing mostly from United Arab Emirates, Turkey, China, India, and South Korea. Additionally, Iraq was the world's biggest importer of Wheat Flours ($469M).
Iraq’s manufacturing activity has been closely connected to the oil industry. The major industries in that category have been petroleum refining and the manufacture of chemicals and fertilizers.
Iraq has a highly competitive market in terms of goods however the level of competency in services varies depending on type of services, for example, high technology services and telecommunication services are not very competitive due to limited number of reliable service providers, though, it can still be considered competitive as at least three reliable service providers are available.
Imports allow high level of competency in the market due to wide range of brands and services offered with potential for scaling up. However, one of the main challenges in the Iraqi market are related to payment method, as bank transfer is not favoured due to lack of liquidity by some of the banks. Additionally, direct contracting and cash payment is the most used methods by the wholesalers rather than tendering and bank transfers.
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