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Sat. Mar 2nd, 2024

The Turkish Statistical Institute unveiled that Iraq has ascended to become Turkey’s third-largest importing country, marking a significant shift in trade dynamics for the month of December 2023.

According to the official figures, Turkey experienced a marginal increase of 0.4 percent in exports while witnessing a notable 11 percent decline in imports during the same period. The report disclosed that Turkey’s total exports in December amounted to $23 billion, reflecting a modest 0.4 percent growth compared to December 2022. In contrast, the country’s imports for December 2023 totaled $29.39 billion, signifying an 11 percent decrease from the corresponding month in 2022.

Iraq emerged as a pivotal player in Turkey’s import landscape, securing its position as the third-largest importer with goods valued at $1.25 billion. The top-ranking importers from Turkey were Germany, leading the chart with imports nearly reaching $1.68 billion, followed closely by the United States at $1.31 billion. The United Kingdom and Italy also featured prominently, importing goods worth $1.21 billion and $1.02 billion, respectively.

Analyzing Iraq’s trade preferences, it’s evident that the majority of its imports, spanning products, merchandise, and food, are sourced from neighboring countries, with Turkey and Iran leading the way. Despite Iraq’s robust trade ties with Turkey, it is noteworthy that its imports from Jordan and the Gulf states surpass those from Turkey, highlighting the complex regional dynamics influencing Iraq’s trade relationships.

This data unveils a nuanced picture of Turkey’s economic interactions in the global arena and underscores the evolving landscape of international trade partnerships, with Iraq emerging as a noteworthy player in Turkey’s import market.

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