Overview

Despite falling 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.

This short report covers some key elements of Iraq market as follows:

  • Market Summary
  • Import Prospects (Exporting Countries and Products)
  • Map of Major Border Crossings
  • Local Prices (Wholesale & Retail) – Major Consumer Goods
  • Dinar Rate & Forecast
  • Import Restrictions/ Ban
  • Internet Directory – Both Private & Government Listing
  • US Export Barriers
  • Transportation
  • Public Tenders (English & Arabic)
  • Export Feasibility Case Study Samples
  • Trade Show Directory
  • Economy, politics, & Security Breaking News

Market 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 the product that faces the strongest demand potential in Iraq.


Major Border Crossings


Local Prices (Wholesale, Retail & End-user)

Major Consumer Goods


Dinar Rate & Forecast



Import Restrictions/ Ban


Internet Directory


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 Business News All the latest business news from Iraq

  • GardaWorld Weekly Security Report
    by Editor on June 24, 2018 at 7:02 pm

    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments […]

  • Iraq to Shut Down Internet to Stop Exam Cheats
    by Editor on June 24, 2018 at 7:01 pm

    By John Lee. The Iraqi government is reportedly temporarily suspend internet connections across the country to stop school pupils cheating during exams. According to media reports, this is the third consecutive year that this will happen. The internet is expected to be blocked for two hours each morning during the two-week exam period. (Sources: Al […]

  • GKP Shares Gain following Update
    by Editor on June 22, 2018 at 2:11 pm

    Shares in Gulf Keystone Petroleum (GKP), operator of the Shaikan Field in Iraqi Kurdistan, were trading up 10 percent on Friday after the company issued an operational and corporate update. Highlights Agreement with the Kurdistan Regional Government’s (“KRG”) Ministry of Natural Resources (“MNR”) and MOL Hungarian Oil & Gas plc (“MOL”) has been reached in […]

  • Oryx: Successful Appraisal Well at Banan Field
    by Editor on June 22, 2018 at 2:11 pm

    Oryx Petroleum Announces Successful Appraisal Well at the Banan field Oryx Petroleum has announced an update on the drilling of an appraisal well targeting the Tertiary reservoir at the Banan field in the Hawler license area in the Kurdistan Region of Iraq. As at December 31, 2017, 26 million barrels (“bbl”) of unrisked gross (100%) […]

  • Petrel Resources takes €4.1m Impairment on Iraq
    by Editor on June 22, 2018 at 2:11 pm

    By John Lee. Irish-based Petrel Resources has taken a €4.1 million impairment of its investment in Iraq: “In August 2013, Petrel did a deal with Amira in Iraq whereby, for US$500,000 in cash plus 18,947,368 initial consideration shares (which were to be locked-in until spudding of the first oil well by our partners), Petrel acquired […]

  • New Career Opportunities in Iraq
    by Editor on June 22, 2018 at 2:11 pm

    By John Lee. The United Nations has advertised new positions in Iraq: Programme Officer, UNOPS – United Nations Office for Project Services Information Management Officer (Child Protection), UNICEF – United Nations Children’s Fund Information Management Officer (Education), UNICEF – United Nations Children’s Fund Mechanical Technician/Operator, Mines Advisory Group (MAG) Temporary Resident Program Manager, National Democratic […]

  • New Career Opportunities in Iraqi Kurdistan
    by Editor on June 22, 2018 at 2:11 pm

    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Junior-Berater Stabilisierung der Lebensgrundlagen, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Information Management Associate (ETC), WFP – World Food Programme IT Solutions Associate (Beneficiary Services for Partners), WFP – World Food Programme Security Assistant, WFP – World Food Programme International Value Chain Specialist, […]

  • Supreme Court Confirms Election Re-Count
    by Editor on June 21, 2018 at 10:54 am

    By John Lee. Iraq’s Supreme Federal Court has reportedly upheld a law mandating a nationwide recount of the votes from May’s parliamentary election, which had been ordered following claims from Prime Minister Haider al-Abadi that there had been serious violations. The court has also ruled that the cancellation of votes from people overseas, the displaced, […]

  • Exxon Out of Desalination Project
    by Editor on June 21, 2018 at 6:54 am

    By John Lee. Talks between ExxonMobil and Iraq on the multi-billion-dollar Common Seawater Supply Project (CSSP) have reportedly broken down. According to Reuters, the director general of the Basra Oil Company (BOC) told reporters that the BOC will award the contract through a tender process, which it expects to complete at the end of July. […]

  • UKEF Financed 3 Iraqi Projects last year
    by Editor on June 21, 2018 at 6:53 am

    By John Lee. UK Export Finance (UKEF) has published its annual report and accounts for 2017 to 2018, in which it lists three export projects supported in Iraq: Enka UK Construction Ltd received letter of credit guarantees and supplier credit totalling £87,910,650 for the construction of a gas-fired power plant for Iraq’s Ministry of Electricity; […]

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