Iraq’s exports to China reach $39.38 billion

The Chinese embassy in Iraq disclosed that the bilateral trade between Iraq and China soared to $53.37 billion in 2022. Xu Haifeng, the Chinese Deputy Ambassador to Iraq, emphasized China’s keen interest in bolstering economic ties with Iraq, attributing it to Iraq’s significant economic standing in the global and Middle Eastern landscape.

Haifeng highlighted a remarkable 43.1 percent increase in trade exchange between the two nations last year. Notably, China’s imports from Iraq saw a substantial annual surge of 47.8 percent, reaching $39.38 billion, solidifying China’s position as the principal purchaser of Iraqi oil.

The establishment of the Iraqi-Chinese Business Council was underscored by Haifeng, who described it as the first collaborative initiative between Chinese and Iraqi companies. He expressed optimism that the council’s formation would play a pivotal role in fostering trade development between the two nations.

Addressing the collaboration’s future, Haifeng outlined the Chinese embassy’s commitment to enhancing information sharing and providing guidance to businesses, ensuring that operations adhere to legal frameworks. This move is anticipated to further facilitate and strengthen the economic partnership between Iraq and China.