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.


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


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

  • Iran urges Visa-Free Regime with Iraq
    by Editor on February 19, 2019 at 3:52 am

    Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization (ICHTO) Ali Asghar Mounesan said removing visa restrictions on travels between Iran and Iraq could serve the interests of both nations. Speaking at a meeting with Iraq’s Culture and Tourism Minister Abdul Amir al-Hamdani, Mounesan, also a vice-president, praised bilateral relations between Tehran and Baghdad as […]

  • Launch of MBC Iraq “sparks Controversy among Iraqis”
    by Editor on February 19, 2019 at 3:51 am

    By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Saudi media group MBC announced in early February that it will launch a new TV channel — MBC Iraq — aimed at Iraqi viewers. Soon after the announcement, a number of angry responses emerged in […]

  • Air India starts Najaf-Lucknow service
    by Editor on February 18, 2019 at 3:53 am

    By John Lee. Air India has commenced twice-weekly flights between Najaf and Lucknow. Return flights will be operated on Mondays and Thursdays. (Source: Air India) […]

  • Iraq Britain Business Council Launches Women’s Group
    by Editor on February 18, 2019 at 3:52 am

    The Iraq Britain Business Council (IBBC) has announced that it has launched it’s ‘IBBC Women’s Group’, dedicated to empowering and advancing women’s careers and networks across all areas of business in Iraq, the Middle East and Internationally. Under the Chairmanship of Samar Thamer of AMS Iraq and coordinated by IBBC’s Agne Abramauskaite and Ashley Goodall, the […]

  • Conflict over Shiite and Sunni Endowments in Mosul
    by Editor on February 18, 2019 at 3:51 am

    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Conflict over Shiite and Sunni Endowments erupts in Mosul The northern Iraqi city of Mosul is on guard about the possibility of an outbreak of sectarian strife between Sunnis […]

  • KRG “suspends Oil Exports to Iran”
    by Editor on February 17, 2019 at 11:26 pm

    By John Lee. The Kurdish Regional Government (KRG) has reportedly suspended oil exports to Iran. According to Anadolu Agency, the KRG’s Ministry of Finance and Economy did not specify a reason for the move, and “it remains unclear whether the suspension is linked to U.S. sanctions on Iran.” (Source: Anadolu Agency) (Source: Tasnim, under Creative […]

  • GardaWorld Weekly Security Report
    by Editor on February 17, 2019 at 2:05 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 […]

  • IBBC completes Largest Ever Trade Mission to Baghdad
    by Editor on February 14, 2019 at 12:31 am

    IBBC completes Trade Mission to Baghdad with largest ever delegation of UK, International & Iraqi Businesses 9-12 Feb 2019 The Iraq Britain Business Council (IBBC) visited numerous Iraqi government ministers and officials during a highly successful trade mission to Baghdad on 9-12 February 2019. The delegation was the largest ever led to the Republic of […]

  • Iraq’s Improving Economy Boosts Zain’s Results
    by Editor on February 14, 2019 at 12:31 am

    By John Lee. In its consolidated financial results for the full-year 2018, telecommunications group Zain reports that the improving socio-economic situation sweeping Iraq is providing the much-needed stimulus to support Zain Iraq’s turnaround efforts. The company said in a statement: “The operation performed exceptionally well when compared to the previous year. Revenues and net profit […]

  • Asiacell Iraq benefits from Improved Security, Economy
    by Editor on February 14, 2019 at 12:31 am

    By John Lee. Asiacell Iraq has reported that it has benefitted from improvements in the security and economic situation in the country paving the way for network expansion and reconnections. The telecommunications company said its revenue was “stable” at QAR 4.4 billion, compared to QAR 4.5 billion in 2017. EBITDA was up 6% to QAR […]

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