Saturday AM Iraq Economic News Highlights 7-30-22

Oil towards the highest level in 3 weeks  Economie  2022-07-29 | 10:37     2,377 views  Oil prices rose, during trading today, Friday, by more than 3% above the level of 110 dollars, for the first time since July 5.

By 16:25 local timeMoscowUS West Texas Intermediate crude futures rose 3.69% to $99.98 a barrel.

Meanwhile, Brent crude futures rose 2.82% to $110.16 a barrel, according to trading data.

The rise in oil prices today comes in light of fears of a decline in the supply of black gold in global markets. LINK

The Dollar Stabilizes In The Iraqi Market

Economie| 10:36 - 30/07/2022  Baghdad - Mawazine News  The dollar exchange rates witnessed stability, today, Saturday, in the local markets.  Selling price: 148,500 dinars per 100 dollars,  purchase price: 148,400 dinars per 100 dollars    https://www.mawazin.net/Details.aspx?jimare=200921

Work Begins On The Construction Of The Modern Architecture Market With European Support

Reconstruction and building   Economy News-Baghdad  Today, Saturday, Maysan Governor Ali Douai announced the start of work to establish the modern architecture market, stressing that the project will provide many job opportunities and activate the commercial movement in the governorate .

Douai told the Iraqi News Agency that "the work of the modern architecture market was started through the cooperation agreement that was signed between the Maysan Governorate and the Association of Municipalities and implemented by the United Nations Development Program and funded by the European Union ."

He pointed out that he "directed attention to the works and their implementation according to the required specifications," stressing "the need to intensify efforts and redouble the work in order to complete it on time ."

Douai stressed "the importance of the modern architecture market project, which will provide many job opportunities and stimulate commercial movement in the province ."

54 . views  Added 07/30/2022 - 11:31 AM   Update 07/30/2022 - 1:06 PM

https://economy-news.net/content.php?id=29068

Iraq Is The Fourth Largest Importer From Turkey In June  

Shafaq News/ The Turkish Statistics Authority announced, on Saturday, that Iraq came as the fourth largest importer from Turkey last June, indicating an increase in Turkish exports and imports by 18.7% and 39.7%, respectively.

The authority stated in a report, seen by Shafak News Agency, that "Turkey's exports for the month of June amounted to 23 billion and 428 million dollars, registering an increase of 18.7 percent, compared to the same month of the year 2021."

She added that "Turkey's imports in June amounted to 31 billion and 595 million dollars, recording an increase of 39.7 percent, compared to the same period in 2021."

She pointed out that "Iraq came fourth in Turkish exports to the countries of the world last June with a value of 1 billion and 206 million dollars, while Germany was the main partner country for exports with 1 billion and 875 million dollars, followed by the United States of America with 1 billion and 555 million dollars, and from Then the United Kingdom came third with 1 billion and 209 million dollars and Italy fifth with 1 billion and 150 million dollars," noting that "the proportion of the first five countries of the total exports amounted to 29.9% in June 2022."

The authority pointed out that "from January to June 2022, Germany was the main partner country for exports, with a value of 10 billion and 642 million dollars, followed by the United States of America with 8 billion and 658 million dollars, Italy 6 billion and 612 million dollars, and the United Kingdom 6 489 billion dollars, Iraq 6 billion 362 million dollars, and the first five countries accounted for 30.8% of total exports in the period from January to June 2022.

Iraq imports most of its goods and foodstuffs from neighboring countries, especially Turkey and Iran, and to a lesser extent from the Arab Gulf states and Jordan.   LINK

Gold Prices Rise In Baghdad Markets

Shafaq News/ "Foreign and Iraqi" gold prices rose in the local markets in the capital, Baghdad, today, Saturday.

Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold amounted to 363,000 dinars, and the purchase price of 359 thousand, while the selling prices for yesterday, Thursday, were 358 One thousand dinars for one weight.

Our correspondent indicated that the selling price of one 21 carat weight of Iraqi gold also increased at 323,000 dinars, and the purchase price reached 319 thousand.

With regard to gold prices in the goldsmiths’ shops, the price of selling the weight of Gulf gold 21 carat ranged between 365 thousand and 375 thousand dinars, while the selling price ranged from the weight of Iraqi gold between 325 thousand and 335 thousand dinars.   LINK

The Ministry Of Electricity Announces The Achievement Of The Highest Energy Production

Iraq   10:02 - 2022-07-30  The Ministry of Electricity in the Federal Government announced the achievement of the highest production of the electrical system.

And the ministry’s media stated in a statement, that “under direct supervision and field follow-ups from the Minister of Electricity, Adel Karim, and the advanced staff, despite all the challenges facing the work of the ministry and its staff, such as the lack of financial allocations, the failure to approve and pass budgets, the decline in gas emissions, and despite the security problems and the targeting of energy transmission lines and towers.

On the other hand, and the large number of slums and agriculturally separated areas that are unstudied loads that were not reported to the Ministry in order to prepare for them, and in light of the withdrawal of additional loads from some governorates, and the growing demand, the Mujahideen and heroes of the Ministry of Electricity continue to work day and night in order to serve the country and citizens.

He added, "The ministry announces that it has reached the highest production achieved by the Iraqi electrical system since the date of its establishment, which is (22680) megawatts, and with high stability. Thousands of new megawatts.

He explained, "It is hoped in (the coming days) to achieve a higher increase in production after entering a number of stations to work, such as Salah El-Din Thermal, crutch station, and other stations," stressing that "the ministry is proceeding with its plans to introduce combined cycles and cooling systems, in all gas stations, In addition to proceeding with the projects of solar power plants, waste recycling, and electrical interconnection projects, which will achieve high reliability and great stability for the electrical network. https://kirkuktv.net/AR/Details/7863

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Iraq Calls For The Launch Of A Common Market And A Unified Agricultural Calendar Among Arab Countries

Shafaq News/ The Iraqi Minister of Agriculture, Muhammad al-Khafaji, called on Friday to launch a common market and a unified agricultural calendar among the Arab countries in order to improve trade exchanges between them to fill the food shortage due to the crisis the world is witnessing.

This came during his meeting today with the President of the Lebanese Republic, Michel Aoun, on the sidelines of his participation in the Quartet Agricultural Meeting in Beirut, according to a statement issued by the Minister's office.

The statement stated that Al-Khafaji stressed the importance of concerted Arab efforts to confront food security and secure food and agricultural products for our peoples, calling for the need to launch the Arab Common Market to improve trade exchanges and address food shortages in order to achieve food integration.

The statement quoted the minister as saying, "Our ambition is to include the largest number of Arab countries in this alliance and to strengthen relations at the agricultural level," noting that "when we can reach a unified agricultural calendar between countries, an added value will be achieved for farmers, as well as consumers in terms of easing cost".   LINK

The Collapse Of The “Agricultural Tools And Materials” Market In An Iraqi Province

Posted On2022-07-30 By Sotaliraq   The Agricultural Tools Market Association in Diyala confirmed, on Friday, the collapse of a market that has been a point of activity for many decades.

A member of the agricultural tools market link, Abdul Hamid Al-Azzawi, said in an interview, “The agricultural tools market, which includes mechanisms, pesticides, seeds and other materials that enter the world of agriculture in Diyala, has lost 95% of its activity at the present time, meaning that we are on the cusp of a major collapse.”

Al-Azzawi added, "Diyala has been deprived of 3 agricultural seasons and may not give a green signal for the return of agriculture in the near term," stressing that "the activity of offices and companies concerned with agriculture is almost halted, especially at the present time."

He pointed out that "the market for agricultural tools and materials has been the source of livelihood for thousands of families for decades, pointing to the need to change farming patterns to be able to face challenges in all fields."

The Ministry of Agriculture had decided to postpone agricultural plans in Diyala for more than one season due to the inability to provide irrigation water   LINK