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June 2024

India’s exports to Iraq surge 24% in FY24, driven by rice, meat, and Iron

Shafaq News/ India’s exports to Iraq jumped by 24% in the fiscal year 2024 (FY24) compared to the same period last year, reaching $3.4 billion, according to a report by the Future Iraq Foundation for Studies and Economic Consultations.

The growth was primarily driven by a surge in rice exports, which soared by 131% to $910 million, compared to $392 million in FY23.

Exports of meat also witnessed a significant increase, rising by 41.5% to $329 million from $232 million.

Other notable export categories that experienced substantial growth included iron (153%), tea (141%), fruits (114%), apparel (106%), and vegetable oils (103%).

The only category to witness a decline was sugar, with exports falling by 85%.

India remains Iraq’s fifth-largest exporter, following the United Arab Emirates, China, Turkiye, and Iran.

The report said that India’s exports are primarily direct to Iraq, and the figure could be even higher if re-exports from the UAE, a significant portion of which are Indian products, are included.

Meanwhile, Iraq’s exports to India, primarily consisting of crude oil, declined from $34 billion in FY23 to $30 billion in FY24. India is the second-largest importer of Iraqi oil after China, accounting for around 30% of Iraq’s oil exports. QR Code

Published Date: June 8, 2024

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