Iraq-Saudi Arabia land trade increases to $243 million

Baghdad (IraqiNews.com) – The volume of trade exchange during the first half of 2023 reached nearly $243.4 million, according to the Saudi Press Agency (SPA).

The SPA mentioned that the Jadidat Arar port and border crossing between Iraq and Saudi Arabia has been one of the commercial traffic gates between Saudi Arabia and Iraq for the past two years.

A study carried out by the Chamber of Commerce and Industry in the Saudi Northern Border Region on the commercial movement between Saudi Arabia and Iraq revealed that the trade movement grew during March to about $101.5 million compared to approximately $81.3 million in January.

The study indicated that Saudi Arabia’s exports to Iraq rose to $99.2 million in March after being about $78.3 million in January, while imports from Iraq declined from three million USD in January to nearly $2.3 million in March.

According to a study carried out by the Saudi Chamber of Commerce and Industry in the Northern Border Area, the average growth rate of trade exchange between Iraq and Saudi Arabia from the second quarter of 2017 to the second quarter of 2021 is 12.8 percent.

The Saudi volume of exports to Iraq exceeded $227 million during the second quarter of 2021, while the value of Iraqi exports to Saudi Arabia was $2.29 million during the same period.

The goods Saudi Arabia exports to Iraq are mainly aluminum, aluminum products, electrical appliances, grains, flour, dairy products, eggs and animal products.

The Iraqi exports to Saudi Arabia are mainly copper, copper products, resin, plant products and sugar.

The Jadidat Arar port has two areas for exports and imports, an inspection yard and different buildings. It has been developed recently to serve as a regional economic and logistical gateway.