Billions lost in trade: Iraq's shrinking demand for Turkish imports
Shafaq News/ Iraq's imports from Turkiye dropped 13.7% in the first quarter of 2025 to $2.59 billion, down from $2.94 billion in the same period last year, the Iraq Future Foundation revealed on Friday.
The foundation's head, Manar al-Obaidi, reported that 49 of 97 product categories recorded declines. Precious metals and gold showed the largest decrease, which he listed as 490%. Imports of wheat-based products fell 75%, meat 74%, iron 33%, flour 17%, and electrical appliances 8%.
Grain imports rose 93%, fuel 76%, fruit 24%, mechanical equipment 9%, and furniture 8%.
Al-Obaidi linked the drop to Turkish export restrictions, Iraq's product protection laws, border control measures, and new import delivery systems.
Data from the Turkish Statistical Institute (TURKSTAT) placed Iraq as the fifth-largest importer of Turkish goods in the first quarter. Turkiye's total exports reached $65.32 billion, up 2.5% year-on-year, while imports rose 4.5% to $87.81 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
3 hours ago
- Shafaq News
Trump announces new round of US-China trade talks
Shafaq News/ On Friday, US President Donald Trump announced that top American officials will meet with Chinese representatives for a new round of trade talks in London on June 9. Trump posted on Truth Social, that the US delegation will include Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Ambassador Jamieson Greer. 'The meeting should go very well,' he wrote. The announcement followed a rare phone call between Trump and Chinese President Xi Jinping, during which the two leaders addressed weeks of growing trade tensions, including disputes over critical mineral exports and tariff measures. Trump described the conversation as 'very positive,' reaffirming plans for continued talks. He had earlier acknowledged the challenges of securing a trade agreement with Chinese President Xi Jinping, calling the process 'extremely difficult,' as fresh tariffs on Chinese metal imports came into force. A fragile truce reached after the Geneva round in May, in which both countries agreed to temporarily lower tariffs—US duties dropped to 30% and China's to 10%—following earlier peaks of 145% and 125%, respectively. However, the temporary reductions are set to expire in early August. The US president recently accused Beijing of violating the pact, and US officials continue to cite delays in China's approval of critical mineral exports as a sticking point.
Shafaq News
6 hours ago
- Shafaq News
Following Shafaq Probe, Iraq orders global hunt for "forgotten" billions in state assets
Shafaq News/ The Iraqi Parliamentary Foreign Relations Committee called on the Ministry of Foreign Affairs to direct ambassadors, consuls, and diplomatic missions abroad to take concrete steps in identifying and reclaiming state-owned assets held overseas. The step came after Shafaq News investigation, citing senior diplomatic sources, revealed that Iraq owns at least 50 properties and investment ventures spread across Europe, Asia, and Africa. These include luxurious palaces, farms, banks, commercial offices, and key industrial facilities, many of which have remained unaccounted for since the fall of the previous regime. Committee member Mokhtar al-Mousawi told Shafaq News that Iraq possesses numerous properties and assets across various countries, all backed by official documentation. However, he stressed that these holdings require serious efforts to be formally registered under the Iraqi state once again. 'These assets include properties that were entrusted to individuals or registered under private names during the former regime. With the right diplomatic engagement, they can be recovered,' al-Mousawi stated. He urged the Ministry of Foreign Affairs to instruct Iraq's ambassadors and consuls to intensify their efforts to restore these properties—some of which are worth millions of dollars. According to al-Mousawi, notable examples include a large mosque in Australia, expansive tea plantations in Sri Lanka, and agricultural lands in Yemen. On domestic assets tied to the former regime, al-Mousawi noted that some seized properties in Baghdad's Green Zone are now being sold to current occupants at a rate of four million Iraqi dinars per square meter—a figure he criticized as undervaluing the strategic importance and location of these properties.
Shafaq News
6 hours ago
- Shafaq News
Syria reactivates key industrial facilities as economic rebuilding efforts intensify
Shafaq News/ The Syrian Ministry of Economy and Industry is moving forward with plans to rehabilitate and restart critical industrial plants, Hasan Al-Ahmad, Director of the Media Office at the Ministry, told Shafaq News. Al-Ahmad revealed that several major facilities have recently resumed operations, including the Hama Iron Plant and the Damascus Cables Factory, along with other strategic assets. 'These facilities are currently undergoing technical evaluations to assess their readiness for flexible and efficient investment models,' he said, adding that the goal is to maximize operational efficiency and ensure these assets contribute effectively to economic recovery. Supporting the national production, Al-Ahmad stressed, remains a cornerstone of Syria's industrial strategy. 'We want Syrian-made products to compete confidently in both domestic and international markets.' Regarding the Ministry's primary focus for the coming phase, it is 'to elevate the standards of the national industry, positioning it as a benchmark for quality and export potential.' This, he said, would help stimulate economic growth, create job opportunities, and strengthen public trust in local manufacturing. Syria's economy has been in a state of collapse since the outbreak of mass protests and civil conflict in 2011. A recent joint report by the United Nations Economic and Social Commission for Western Asia (ESCWA) and UNCTAD, published on January 25, 2025, and titled 'Syria at a Crossroads: Toward a Stable Transition Phase,' highlighted the challenges facing the Syrian economy and outlined scenarios for its potential recovery. According to the report, a recovery scenario assumes successful reconstruction efforts, governance reforms, and sufficient international aid, particularly in the fields of agriculture, industry, and energy. Under this model, Syria could regain up to 80% of its pre-war GDP by 2030, provided the country maintains an average annual growth rate of 13% over the 2024–2030 period. Even in this best-case scenario, per capita income would still reach only half of its 2010 level.
