TEHRAN – Secretary-general of the Iran-Iraq Joint Chamber of Commerce Jahanbakhsh Sanjabi Shirazi announced on Monday that Iran’s imports from Iraq for 2024 are projected to be approximately $754 million, an increase compared to 2023.
Shirazi noted that Iran’s average annual imports from Iraq typically do not exceed $100 million, except in 2022, when imports reached approximately $1.7 billion, largely due to food imports financed through loans from the Trade Bank of Iraq.
Regarding trade between the two countries, Shirazi predicted a 20 percent increase in trade volume this year compared to 2024, expressing hope that it would surpass $13 billion and reach $15 billion by the end of 2026.
He also mentioned that Iraq is Iran’s second-largest trading partner.
On March 9, the U.S. Department of State issued a statement ending a sanctions waiver that allowed Iraq to purchase electricity from Iran.