Egypt-Iraq Trade Grows 61% to $583 Million

The value of trade between Egypt and Iraq witnessed a significant growth during the first 8 months of this year by 62% to record $583.27 million, compared to $360.31 million, year-on-year.

The Foreign Trade Bulletin issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) explained that the value of trade exchange between the two countries increased by 399% to reach $ 165.727 million in August compared to $ 33.197 million during the same month of 2019.

Iraq accounts for 4.8% of Egypt's total trade with Arab countries during the period from January to August 2020, and it also represents 1% of the volume of trade exchange with all global markets during that period.

The trade balance between Egypt and Iraq is in favor of Iraq with a value of $ 51.414 million, during same period.

200% growth in Egyptian imports from Iraq

The value of Egyptian imports from Iraq increased by 200.7% during the period from January to August 2020 to reach $317.342 million compared to $105.536 million during the same period in 2019, to account for 5.3% of Egyptian imports from Arab countries, representing 0.7% of the total Egyptian imports.

Egypt's imports from Iraq also witnessed a significant growth of 11791% during the month of August to reach $132.946 million compared to $1.118 million during the same month of 2019.

The value of Egyptian exports to Iraq increased during the first 8 months of 2020 to reach $265.928 million compared to $254.774 million during the same period last year with a growth of 4.4% to acquire 4.2% of the value of Egyptian exports to Arab countries, and 1.5% of total exports.

Egypt's exports to Iraq also witnessed a growth rate of 2.2% during August to reach $ 32.781 million, compared to $ 32.079 million during the same month of 2019.

Yesterday, The Egyptian Prime Minister Mustafa Madbouly, and his Iraqi counterpart Mustafa al-Kazemi witnessed at the headquarters of the Iraqi Council of Ministers, the signing of 15 agreements, memorandum of understanding (MoU), and cooperation protocols aimed at strengthening bilateral cooperation between the two countries.

Ibrahim al-Arabi, head of the General Federation of Chambers of Commerce called for the necessity to quickly sign a free trade agreement with Iraq or to reactivate the Arab facilitation agreement at the bilateral level to increase the volume of trade exchange, which will grow with the entry into force with the TIR agreement for transit road transport into force and is currently in effect in the neighboring countries, reducing the cost of shipping.