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

  • Deloitte report on Kurdistan Oil and Gas – New Data
    by Editor on August 15, 2018 at 3:53 am

    Third Deloitte report on Oil and Gas Review in the Iraqi Kurdistan Region, with newly added disclosures on local sales – Q1 of 2018 New verified data on the Kurdistan Region’s oil exports, consumption and revenues have been published, covering the period from 1 January 2018 to 31 March 2018, after a review of the […]

  • Defeat-IS Forces Make Progress, Require Continued Support
    by Editor on August 15, 2018 at 3:52 am

    Defeat-ISIS Forces Make Progress, Require Continued Coalition Support Forces battling the Islamic State of Iraq and Syria continue to make progress. However, the environment in Iraq and Syria is complex and the defeat-ISIS forces require continued support, coalition officials said today. Army Col. Sean Ryan, the spokesman for Operation Inherent Resolve, spoke to Pentagon reporters […]

  • Video: PM Abadi Visits Turkey
    by Editor on August 15, 2018 at 3:51 am

    By John Lee. During his official visit to Turkey, Prime Minister Haider Al Abadi has underscored the importance of cooperation between Iraq and all neighbouring countries for the peace and security of the people of the region. His statement can be viewed here: (Source: Govt of Iraq) […]

  • Petrofac awarded Basra Oil Company EPC Contract
    by Editor on August 14, 2018 at 3:54 am

    Petrofac has been awarded a contract worth around US$370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF), located in the Majnoon Field, Southern Iraq. Under the terms of the 34-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes two oil processing trains, able to […]

  • Iraq, Jordan consider Joint Industrial Zone
    by Editor on August 14, 2018 at 3:53 am

    Jordanian Prime Minister, Omar Razzaz, on Monday met with Iraqi Defence Minister, Irfan Hayali, to discuss the Jordanian-Iraqi relations. Razzaz underlined the depth of the historic Jordanian-Iraqi relations and the keenness to enhance joint cooperation to serve the interests of both countries and their peoples. The premier also pointed to the directives of His Majesty […]

  • German Companies Encouraged to Invest in Kurdistan
    by Editor on August 14, 2018 at 3:52 am

    Prime Minister Nechirvan Barzani received the new Consul General of Germany to the Kurdistan Region, Ms. Barbara Wolf and her accompanying delegation. In the meeting, which was also attended by Kurdistan Regional Government’s representative in Germany, Mr. Dilshad Barzani, Consul General Wolf thanked the KRG for its assistance to the German Consulate General in Erbil. […]

  • Will Riyadh-Tehran Rivalry kill Kurdistan Investment Drive?
    by Editor on August 14, 2018 at 3:51 am

    By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  Will Riyadh-Tehran rivalry kill Iraqi Kurdistan’s investment drive? Iraqi Kurdistan, facing an acute financial crisis, has a newfound opportunity to attract desperately needed foreign investment from Saudi Arabia, but regional tensions between Tehran and Riyadh […]

  • SOMO Does Not Work This Way
    by Editor on August 13, 2018 at 7:59 am

    By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Below is the full Arabic text and source of what was reportedly said by Abdul Alal AL-Yassiry, the Chairman of the Iraqi Centre for Economic and Investment Consultation in Karbala. What prompts […]

  • Siemens to Upgrade Shatt Al Basra Power Plant
    by Editor on August 13, 2018 at 3:53 am

    Germany’s Siemens will upgrade one of the country’s largest gas-fired power plants. Under a new contract, Siemens will add 650 megawatts (MW) to Shatt Al Basra Gas Power Plant, which currently has a power generation capacity of 1,250 MW and consists of non-Siemens turbines operating in simple-cycle mode. Siemens will supply five of its highly-efficient […]

  • Possibly New Border Crossing between Iraq and Turkey
    by Editor on August 13, 2018 at 3:52 am

    By John Lee. Turkish and Iraqi officials have reportedly announced plans for a feasibility study in advance of opening a new border crossing point 12 kilometers west of Habur. The new crossing would be named Ovaköy. (Source: Hurriyet Daily News) […]

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