Trade Exchange between Saudi Arabia and Iraq Amounted to SR 23 billion during the last ten years
The Ministry of Commerce and Investment revealed that the trade exchange volume between the Kingdom of Saudi Arabia and the Republic of Iraq during the last ten years (2006 to 2016) reached (23) billion Saudi riyals.
The trade balance is in favor of the Kingdom of Saudi Arabia. The volume of trade exchange during 2016 reached (2.23) billion riyals, of which (2.2) billion riyals exports to Iraq and (24) million riyals imports from Iraq to the Kingdom.
Crude oils and relevant products, fruit juice, fruits, vegetables and cheese topped the list of the most important Saudi goods exported to Iraq in 2016. The list of imported goods from Iraq included aluminum sheets, gums and transport containers.
Saudi exports to Iraq in 2014 represented the highest level during the past 20 years, with an amount of 3.4 billion riyals. Due to the absence of direct land ports with Iraq during 2015/2016, exports were limited to alternative land ports via neighboring countries, through which 82% of the total Saudi products were exported to Iraq.
Meanwhile, the leaders of the two brotherly countries are working to establish an ambitious phase of unlimited trade, economic and investment activities, especially with the start of the Saudi-Iraqi Coordination Council, which is the cornerstone of the medium and long term business and planning program.
It is hoped that the fruitful trade cooperation between the Kingdom and Iraq will contribute to promote all trade activities by unprecedented means and methods, thus benefiting the two brotherly countries and helping both sides to achieve the desired trade exchange. Recently, the bilateral meetings between the leaders of the two countries contributed to shaping the aspiration of trade relation of the next phase, by opening all channels of cooperation to serve the interests of the two brotherly countries. The Saudi Cabinet's decision to establish the Saudi-Iraqi Coordination Council, under the chairmanship of H.E. Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce & Investment, from the Saudi side, and H.E. Dr. Salman Al Jumaili, Minister of Planning and acting Minister of Trade, from the Iraqi side, comes to stress the Saudi desire to improve the bilateral relations and to enhance the trade exchange opportunities and joint cooperation.
For his part, H.E. the Minister of Commerce and Investment, Dr. Majid Al-Qasabi, had paid an official visit to Baghdad last August. During which he headed a high-level delegation of government officials and businessmen to fulfill the aspiration of the two countries leaderships, aiming to develop and deepen the strategic and economic relations between both sides, as well as to discuss and review the promising investment opportunities, also the distinguished partnerships that may serve the interests of the two parties. Besides promoting trade exchange and creating suitable opportunities that may serve the development plans for the Iraqi side, at the same time to comply with the priorities of the Kingdom in all sectors, especially the industrial, agricultural, education, health sectors and others.
H.E. the Iraqi Minister of Planning and Acting Minister of Trade, Dr. Salman Al Jumaili expressed his optimism about the results of the said visit, stressing that it is the beginning of a new era of economic, trade and investment relations between the two countries to achieve the aspirations of the governments and peoples of the two brotherly countries.