Iraq’s trade balance surplus with US at $6bn

Iraq has a trade balance surplus of nearly $6 billion with the US, a senior government official has said.

This comes from oil exports to the US more than doubling in two years, state-run Iraq News Agency reported, quoting prime minister’s financial advisor Mazhar Mohammed Salih.

The trade volume between the two countries has more than doubled over the past two years, with oil exports increasing by more than 110 percent.

However, Iraq’s imports from the US have increased significantly over the past two years, with the value ranging between $9 and $10 billion.

Imports were primarily in automobiles, transportation equipment, and engineering and electrical equipment, the report, said quoting Salih.   

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Last month oil minister Hayan Abdul Ghani said that Iraq was considering exporting crude oil to Africa amid a market expansion plan.

Oil exports range between 3.2 million and 3.5 million barrels per day, with 70 percent shipped to Asia. China is the largest buyer, followed by India.