Iraq Economic News and Points To Ponder Sunday Afternoon 5-3-26
Egypt's Exports To Iraq Are Expected To Rise To $880 Million During 2025
Money and Business Economy News – Baghdad Foreign trade estimates for 2025 indicate that the value of Egyptian exports to Iraq will rise to about $880 million, compared to about $815.9 million in 2024, registering a growth of nearly 8%, driven by increased demand in the Iraqi market for Egyptian goods.
According to data from the United Nations International Trade Commission (UN COMTRADE), the most prominent Egyptian exports to Iraq for 2025 were electrical and electronic equipment, valued at approximately $159.76 million, followed by plastic products at approximately $108.20 million, then edible vegetables and some roots and tubers at $75.05 million, while various food preparations were valued at approximately $74.21 million.
She added that exports of fruits, nuts, citrus peels, and melons reached approximately $51.51 million, while exports of furniture, prefabricated buildings, and lighting reached about $51.09 million. Iron and steel products also recorded significant levels within the building materials category. Essential oils and cosmetics were valued at $77.2 million, and pharmaceuticals and medicinal products at approximately $36.5 million.
Egyptian exports to Iraq during 2025 are concentrated in a number of key sectors, primarily food products such as canned goods, oils, dairy products and pasta, building materials such as iron, cement and ceramics, in addition to electrical appliances, plastic products, chemicals and pharmaceutical products, as well as the growth of exports of fruits and agricultural products.
This distribution reflects the continued reliance of the Iraqi market on Egyptian goods, especially in the food and building materials sectors, coinciding with the expansion of reconstruction projects and the rise in local demand, which strengthens Iraq’s position as one of the five most important Arab markets for Egyptian exports.
https://www.economy-news.net/content.php?id=68616
Iraq: 11,000 Tons Of Sulfur Exported Through Khor Al-Zubair Port
Money and Business Economy News – Baghdad The Border Ports Authority reported on Sunday that it had facilitated the export of 11,000 tons of sulfur through the Khor Al-Zubair port.
A statement issued by the Authority and received by “Al-Eqtisad News” stated that it continues its efforts to support the national economy and promote non-oil exports, through direct supervision and facilitation of the export of a quantity of (11) thousand tons of sulfur material through the Khor Al-Zubair port.
He pointed out that the necessary procedures for exporting sulfur were carried out in accordance with the approved regulations and instructions, and in coordination with the relevant authorities.
The authority affirmed its commitment to simplifying procedures while maintaining standards of control and regulation, ensuring smooth operations at all border crossings. https://www.economy-news.net/content.php?id=68610
Minister Of Construction: The Financial Crisis Has Halted The Second Phase Of Projects To Alleviate Traffic Congestion In Baghdad.
Money and Business Minister of Construction and Housing, Benkin Rikani, confirmed on Saturday that the traffic congestion crisis in Baghdad is caused by the presence of 4 million cars in the capital. He also indicated that the second phase of traffic congestion relief projects has been halted due to funding issues.
Rikani stated, "We in the Ministry of Construction and Housing, the Baghdad Municipality, and the Baghdad Governorate worked as a unified team with the assistance of other ministries. The idea was to solve the traffic crisis." He explained that "Baghdad is supposed to have only 500,000 cars, but now it has more than 4 million."
Rikani pointed out that "the idea was to address the congestion because in some areas during peak hours, a car needs more than an hour to cross, while in others it takes less than an hour."
He explained that "21 intersections with 16 contracts have been awarded for investment, but there are challenges within the city that differ from those outside it." He noted that "the second phase projects were not completed due to the financial crisis; there were 20 projects in the second phase of the traffic congestion relief initiative."
Rikani added, "We have worked on constructing five bridges over the Tigris River, and their completion rate has reached over 80%." He pointed out that "the previous regime, throughout its entire rule, only completed seven bridges, and this is considered a significant achievement that reflects our work and joint cooperation."
He explained that "according to the latest population census, the results indicated that 80% of Iraqis own housing units, which was surprising to us." He noted that "the services provided for each plot of land (water and sewage networks, electricity, roads, and sidewalks) cost the state 16 million dinars."
He indicated that "the prices of housing units in Baghdad have decreased compared to the last four years, and we did not give the land to investors for free. There are 18 trillion dinars over the past two and a half years, which is the state's share of the housing units granted to investors." https://www.economy-news.net/content.php?id=68586
Gold Prices Fell By More Than $100 Last Week.
Money and Business Economy News - Follow-up When global financial markets closed, the price of an ounce of gold fell by $10, trading at $4,612.
During the past week, the price of one ounce of gold has fallen by more than $100.
Fears of increased inflation due to the fallout from the war with Iran have prompted traders to turn more towards the dollar, leading to a drop in gold prices.
Metals markets remain under pressure from hawkish signals from major central banks; some US Federal Reserve officials have warned of rising inflation as a result of higher energy prices, while the European Central Bank, the Bank of England and the Bank of Japan have all indicated that interest rates will be raised in the near future.
Raising interest rates under normal circumstances usually leads to a decrease in metal prices.
Meanwhile, Iranian media reported on Friday that Tehran had submitted a new peace proposal through Pakistan, but US President Donald Trump said, "Iran wants to make a deal, but I am not happy with it."
https://www.economy-news.net/content.php?id=68560
EIA: Iraq’s Oil Exports To US Surge Over The Week
2026-05-03 Shafaq News- Baghdad/ Washington Iraq’s crude oil exports to the United States rose 147,000 barrels per day (bpd) last week, US Energy Information Administration (EIA) data showed on Sunday.
Iraqi shipments averaged 195,000 bpd last week, sharply higher than the previous week’s average of 48,000 bpd.
Total US crude imports from seven major suppliers fell 1.386 million bpd from 6.622 million bpd the previous week to 5.236 million bpd. Canada remained the top supplier at 3.974 million bpd, followed by Venezuela with 310,000 bpd, Mexico with 292,000 bpd.
Imports also included Colombia at 191,000 bpd and Ecuador at 100,000 bpd. No oil was imported from Libya, Brazil, or Nigeria this week. https://shafaq.com/en/Economy/EIA-Iraq-s-oil-exports-to-US-surge-over-the-week-8
USD/IQD Exchange Rates Drop In Baghdad And Erbil
2026-05-03 Shafaq News- Baghdad/ Erbil The US dollar opened Sunday’s trading lower in Iraq, hovering around 153,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,900 dinars per 100 dollars, down from the previous session’s 153,100 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at 152,850 dinars and buying prices at 152,650 dinars.
https://shafaq.com/en/Economy/USD-IQD-exchange-rates-drop-in-Baghdad-and-Erbil-6
Gold Steadies In Baghdad, Edges Lower In Erbil
2026-05- Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around one million IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 996,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 992,000 IQD, unchanged from Saturday.
The selling price for 21-carat Iraqi gold stood at 966,000 IQD, while the buying price reached 962,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 995,000 and 1.005 million IQD, while Iraqi gold sold for between 965,000 and 975,000 IQD.
In Erbil, 22-carat gold was sold at 1.039 million IQD per mithqal, 21-carat gold at 992,000 IQD, and 18-carat gold at 850,000 IQD. https://shafaq.com/en/Economy/Gold-steadies-in-Baghdad-edges-lower-in-Erbil
Iraq Braces For 11 GW Power Shortfall Ahead Of Summer
2026-05-03 Shafaq News- Baghdad Iraq is expected to face a power shortfall of about 11 gigawatts (GW) during peak summer demand in 2026, amid lagging electricity production and tightening gas supplies, the Washington-based Attaqa platform reported on Sunday.
According to the platform’s survey, electricity production stood at 29 GW at the end of January, while peak demand is projected at around 40 GW. The shortfall has been exacerbated by declining Iranian gas imports, which fell to about 15 million cubic meters per day last week from 20 million the previous week.
Iraq’s financial capacity to secure fuel has also been constrained, with oil revenues dropping by nearly 90% since the start of the US–Israeli war on Iran and the closure of the Strait of Hormuz on February 28. Baghdad is now seeking to reduce dependence on imports by expanding domestic gas production, while aiming to generate 7,500 megawatts of solar power through 15 projects backed by General Electric and Siemens.
Efforts to link Iraq’s grid with neighboring countries are also ongoing, but implementation faces “technical and financing challenges that could delay relief.” Without sustained progress on these fronts, Iraq risks recurring power shortages during peak summer demand, Attaqa warned.
Iraq’s Electricity Ministry earlier said supply cuts from Iran removed more than 3,000 megawatts from the national grid after gas flows dropped sharply, forcing authorities to manage shortages.
Read more: In darkening Baghdad, oil lamps return as power fears grow
https://shafaq.com/en/Economy/Iraq-braces-for-11-GW-power-shortfall-ahead-of-summer