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Bilateral balance of trade


Bilateral balance of trade

Trend of the Italy-Iraq bilateral balance of trade

According to the latest ISTAT data, the only ones available, also in 2014 Italy was confirmed to be the sixth trade partner of Iraq, for interchange, and the sixth customer country, becoming, on the other hand,  his seventh supplier country (he was sixth in 2013). Among European countries, Italy is traditionally the largest trading partner of Iraq, its second largest supplier after Germany, while in 2014 Italy became its second largest customer, after Greece. As a consequence of the European oil embargo imposed on Iran since July 2012, the Hellenic country, which imports 30% of its oil from Iran, has addressed its oil supplies toward Iraq.

At the bilateral level, the trade flows related to bilateral exchanges between Italy and Iraq are characterized by Italian crude oil imports which affects this flow for more than 99%. The trend in oil prices worldwide and the exchange rate euro /dollar affect therefore significantly on the value of Italian imports.


As shown in the table, drafted on the basis of ISTAT data, the total bilateral trade interchange between Italy and Iraq, after having registered a significant increase of almost 24% in 2012, further rose of 1.73% in 2013, to remain substantially stable in 2014, at a level of just over 4 billion Euros.

In 2014, in particular, this result comes from a reduction in Italian exports –this flow recorded in 2013 an excellent performance almost doubling its amount on annual basis- and the simultaneous increase of Italian imports, which, being mostly made up of crude oil, were favoured by the decrease in oil prices worldwide, as well as by the performance of the European currency in 2014, and by the consequences of the crisis in Iraq, started in the second half of the year.

Overall, in 2014, the bilateral trade exchange between the two countries has registered a rather insignificant annual variation, while Italian exports, amounting on December 31st, 2014 to 973 million €, registered a decrease of 23.2% on yearly basis; in the same period, Italian imports reached 3,2 billions €, marking an annual increase of 9.4% in value and of 26.5% in quantities. The balance of the two trade flows, which is traditionally favourable to Iraq, was amounting on 31 December 31st, 2014 to 2.2552 billion €, increasing of almost 34% in comparison to 2013.