Despite fluctuating oil revenues, insecurity, and gloomy reports of IMF, World Bank (Ease of Doing Business), Euromonitor, and Heritage Foundation, Iraq is a $50 Billion market, importing nearly everything from the UAE, Turkey, China, KSA, Iran, and its other neighboring countries. Iraq is a high-risk yet promising market for most small to medium size exporters both for long-term as well as spot operations provided that the pricing is competitive.


Summary


Import Prospects (Countries)

The suppliers with the greatest potential to export All to Iraq are China, Turkey, and United Arab Emirates. China shows the largest absolute difference between potential and actual exports in value terms, leaving room to realize additional exports worth US$ 7.1 bn.

Import Prospects (Products)

The products with greatest export potential from World to Iraq are Jewellery, of precious metal, nes, Telephone sets & other voice/image transmission apparatus, and Motor vehicles for the transport of persons, nes. Telephone sets & other voice/image transmission apparatus shows the largest absolute difference between potential and actual exports in value terms, leaving room to realize additional exports worth US$ 1.5 bn.


Key findings

Turkey’s best options for export diversification in Iraq are Beans “Vigna mungo or Vigna radiata”, dried & shelled, Combs, of hard rubber/plastic and Black tea, packings >3kg. Turkey finds Garlic, fresh easiest to reach. Raw cane sugar is a product that faces the strongest demand potential in Iraq.


Major Border Crossings


US Export Barriers

USTR: U.S. companies and investors consider the existence of boycott-related requirements in procurement contracts and tenders issued by the government of Iraq as significant disincentives for doing business in the country. It is estimated that since 2010, U.S. companies have lost more than $1 billion in sales opportunities in Iraq due to Arab League boycott-related requests.

Despite antiboycott guidance given on two occasions from the Iraqi Council of Ministers to all ministries, the number of boycott-related requests from Iraqi entities increased from 2009 to 2014. In 2016, there were 52 prohibited requests (as defined by U.S. antiboycott laws) from Iraqi entities reported to the U.S. Department of Commerce, down from 62 in 2015. Requests emanated from several Iraqi government entities, including the Ministry of Health (MOH) and its procurement arm, the Iraqi State Company for Importation of Drugs and Medical Appliances (Kimadia), the Ministry of Planning, and the South Oil Company.

The MOH committed to the United States in June 2013 that it would stop issuing boycott-related requests. Since that time, however, the MOH has issued several boycott-related requests that negatively affected U.S. suppliers of medical and pharmaceutical products. In January 2014, the head of Kimadia informed the United States that the MOH and Kimadia would move to end the practice of including Arab League boycott-related requirements in tender packages for new procurements. The South Oil Company, which had stopped issuing tenders with boycott language several years ago, recently resumed issuing tenders containing boycott-related language [reported by USTR 2017]

Current as of April 28, 2017, the US trade deficit for the 2016 fiscal year stood at $4.7 Billion as reported by the USTR. The UN COMTRADE; however, paints a far more gloomy picture for the 2017 period when the US trade deficit with Iraq, seems to have increased. Iraq exports to the US surpassed $11 billion worth of crude oil while it barely imported $1 billion US origin vehicles and machinery. How does any of this make sense, given the fact that $815 billion was directly spent on Operation Iraqi Freedom (2003)/Operation New Dawn (2010–2011) reported by the Congressional Research Service on December 8, 2014; adding $7.9 trillion to the US Federal Government debt as a result? (source 1, source 2)


Transportation


Public Tenders


Trade Show Directory

Note: Some Erbil-17/18 events have been canceled. 

Iraq Import Ban

Overview


Iraq Local Prices – 2018


Iraq Internet Directory



Iraq Business News All the latest business news from Iraq

  • Brick Makers seek Financial Support from KRG
    by Editor on September 22, 2019 at 12:53 am

    By John Lee. Manufacturers of red bricks are reportedly criticizing the Kurdistan Regional Government (KRG) for its failure to financially support the industry and capitalize on demand in the rest of Iraq. According to information obtained by Rudaw, the Kurdistan Region has 11 advanced brickworks, with the capacity to produce some 860 million bricks annually,

  • Commission of Integrity returns $135m to Oil Ministry
    by Editor on September 22, 2019 at 12:52 am

    Iraq’s Commission of Integrity yesterday announced that it had returned $135 million of misappropriated funds to the oil ministry, the Anadolu Agency reported. The commission said that the company for the distribution of oil products misappropriated funds through contracts with two oil investment companies. Iraq is among the world’s most corrupt states according to Transparency

  • Iraq works to distance itself from US-Iran Tension
    by Editor on September 22, 2019 at 12:51 am

    By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq works to distance itself from US-Iran tension after Saudi Aramco attack Attacks that occurred Sept. 14 against Aramco oil processing facilities in Saudi Arabia, resulting in huge fires and halting near half of the supply from

  • KRG to Improve Protection for Intellectual Property
    by Editor on September 21, 2019 at 12:53 am

    By John Lee. The Kurdistan Regional Government (KRG) has agreed that it will update and fully implement legislation on intellectual property, protecting the Kurdistan Region’s entrepreneurs, academics and businesses from infringement. A legal committee will also be established to review new draft legislation for approval in this session of the Kurdistan Parliament. (Source: KRG)

  • Iraq Purchase of Russian S-400 ‘not on the table yet’
    by Editor on September 21, 2019 at 12:52 am

    Iraq is not discussing the purchase of the Russian S-400 missile defense system, Iraq’s ambassador to Russia has told Rudaw, following rumors Baghdad is in the market for such a system to counter recent Israeli airstrikes on Iraqi territory. “There haven’t been and there aren’t any discussions or consultations between the Iraqi government and the

  • New Dutch Ambassador to Iraq
    by Editor on September 21, 2019 at 12:51 am

    By John Lee. Foreign Minister Mohamad A. Alhakim received a copy of the credentials of the Dutch Ambassador to Baghdad Mr. Eric Strating. The bilateral relations between Baghdad and The Hague were discussed, as well as methods for enhancing fruitful bilateral cooperation in various fields, in addition to cooperation and coordination in international forums to

  • PM visits China as Business Relationship Strengthens
    by Editor on September 19, 2019 at 10:17 am

    By John Lee. Prime Minister Adil Abd Al-Mahdi arrived on Thursday morning in the Chinese city of Hebei to participate in the World Conference on Industrialization. The visit follows the granting of two major contracts in Iraq to Chinese companies in recent weeks: China Construction Third Engineering Bureau will reportedly implement civil engineering projects and

  • New Pipeline to Transport Iraqi Oil to Turkey
    by Editor on September 19, 2019 at 12:53 am

    By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  New pipeline in works to transport Iraqi oil to Turkey Ankara and Baghdad are working toward building a new oil pipeline with the capacity to transport one million barrels per day from Iraq’s

  • PM Rejects Resignation of Health Minister
    by Editor on September 19, 2019 at 12:52 am

    By John Lee. At a cabinet meeting on Tuesday, Iraqi Prime Minister Adel Abdul Mahdi has reportedly rejected the resignation of the health minister Ala Al Alwan (pictured). Citing problems with blackmail and corruption, it was the minister’s second attempt to resign, having been persuaded to remain after a previous attempt in March. More here.

  • New Swedish Ambassador to Iraq
    by Editor on September 19, 2019 at 12:51 am

    By John Lee. Foreign Minister Mohamad A. Alhakim has received a copy of the credentials of Swedish Ambassador to Iraq Mr. Lars Ronnås. The two sides discussed bilateral relations and ways of enhancing them to serve the interests of the two friendly peoples. Minister Alhakim expressed Baghdad’s aspiration for a greater role for Sweden in

Do NOT follow this link or you will be banned from the site!