Kingdom's exports to Iraq grow significantly by 45.6% untill November in 2024

AMMAN — Jordan’s exports to Iraq saw a remarkable 45.6 per cent increase in the first 11 months of 2024, reaching JD 830 million.

This represents a growth of over JD 260 million compared to JD 570 million during the same period in 2023, according to official statistics reviewed on Tuesday by the Jordan News Agency (Petra).

The trade balance between the two countries recorded a surplus of JD 658 million, with the total trade volume rising to JD1 billion, up from JD745 million in 2023. In contrast, Jordan’s imports from Iraq slightly declined to JD172 million by November 2024, compared to JD174 million in 2023.

Iraq ranked as the second-largest destination for Jordanian exports within the Arab Free Trade Zone, accounting for 25.4 per cent of total exports to the region, which amounted to JD3.257 billion by November 2024.

A representative from the Iraqi Business Council in Amman highlighted that, despite the significant growth, Jordan’s exports still fall short of the industries’ full potential.

He emphasised the importance of fostering deeper ties with Iraqi companies and government bodies to expand Jordan’s role in Iraq’s reconstruction projects.

The representative also pointed to the substantial presence of Jordanian companies in Baghdad in varieties of sectors such as hospitality, banking, oil, technology, and construction, which underscores the strong economic relationship between the two countries.

The Officer of Jordan Chamber of Industry’s Export to Iraq attributed the rise in exports to the strengthened economic relations and private-sector efforts. Fertilisers and pharmaceuticals were among the leading export products, followed by detergents, electrical wires, plastics, and food items.

Over the past two years, the private sector, in collaboration with the government, has worked to deepen trade ties and foster business partnerships.

Initiatives included the organisation of major delegations to trade events such as the Baghdad International Fair.

The upcoming Jordan-Iraq Business Forum is expected to further bolster these efforts.

Jordan’s exports to Iraq include fertilisers, electrical equipment, detergents, paints, fresh produce, mineral water, juices, pharmaceuticals, clothing, and skincare products. Imports from Iraq primarily consist of crude oil, grains, dates, nuts, organic chemicals, and aluminum products.

The trilateral partnership agreement between Jordan, Iraq, and Egypt, established during the 2019 Cairo summit, continues to serve as a platform for enhancing regional cooperation. Key initiatives include the Basra-Aqaba oil pipeline and collaborative projects in trade, energy, and infrastructure.

This partnership aims to achieve sustainable development, focusing on food and energy security while strengthening long-term regional stability and economic integration.