Despite Turkey’s overall exports to Iraq growing slightly to $11.2 billion in 2024, a 36% plunge in gold trade contributed to widening Iraq’s trade deficit with Turkey to a striking $10.7 billion, highlighting persistent imbalances between the neighbouring economies.

Turkish Exports to Iraq in 2024

In 2024, Turkey exported goods and commodities to Iraq valued at over $11.276 billion. Gold ranked as the leading export item, with exports exceeding $1.007 billion, accounting for approximately 9% of total exports. Electrical equipment was the second-largest export category, valued at over $650 million, representing 5.77% of total exports, followed by mechanical equipment at approximately $620 million, or 5.5% of total exports (see the table below for detailed figures).

In contrast, Iraq’s exports to Turkey in 2024 totaled slightly over $548 million, predominantly consisting of oil derivatives and mineral fuels. Consequently, Turkey’s exports to Iraq were approximately $10.728 billion—or 95%—greater than Iraq’s exports to Turkey.

Turkish Exports to Iraq in 2023

In 2023, Turkey exported goods and commodities to Iraq worth more than $11.019 billion. Gold was the primary export, valued at over $1.580 billion, representing 14.34% of total exports. Flour-based industrial products ranked second, with exports exceeding $603 million (5.48% of total exports), followed closely by mechanical equipment valued at more than $595 million (5.4%). Electrical equipment came next, with exports exceeding $566 million, accounting for 5.14% of total exports (see the table below for detailed figures).

Meanwhile, Iraq’s exports to Turkey in 2023 amounted to just over $693 million, mostly comprising oil derivatives and mineral fuels. Therefore, Turkish exports exceeded Iraq’s by approximately $10.326 billion, or roughly 93%.

Comparative Analysis: Turkish Exports to Iraq (2023-2024)

Turkey’s exports to Iraq experienced modest growth of 2.33%, rising from $11.019 billion in 2023 to approximately $11.276 billion in 2024.

Despite overall export growth, Turkey saw a significant decrease in gold exports to Iraq, dropping by around 36%, from $1.580 billion in 2023 to $1.007 billion in 2024. This reduction lowered gold’s share of total exports from 14% to 9%.

Nevertheless, Turkey compensated for this decline through increased exports in other categories, particularly electrical and mechanical equipment, furniture, clothing, and carpets, which collectively maintained Turkey’s high total export level.

Conversely, Iraq’s exports to Turkey declined from $693 million in 2023 to approximately $548 million in 2024, with oil derivatives and mineral fuels remaining dominant.

Due to the considerable imbalance between exports and imports, Iraq recorded a significant trade deficit of about $10.7 billion with Turkey, placing Turkey alongside the UAE and Iran among Iraq’s top three countries with substantial trade deficits.