Economist: The US trade balance with Iraq runs a deficit of $5.7 billion annually.
Economist: The US trade balance with Iraq runs a deficit of $5.7 billion annually.
2025-07-10
Economic expert Nabil Al-Marsoumi confirmed today, Thursday (July 10, 2025), that the US trade balance with Iraq has an annual deficit of approximately $5.7 billion.
Al-Marsoumi said in a post on his Facebook account that “Iraq’s commodity exports to the United States amounted to $7.689 billion in 2024, of which $7.643 billion was crude oil, representing 99.4%.”
He added, “Non-oil exports reached 46 million, and therefore Iraq will not be affected by the new US tariff increase to 30% as long as oil exports are exempt from customs duties.”
Al-Marsoumi explained that, “In contrast, US exports to Iraq amount to approximately two billion dollars, which means that the US trade balance with Iraq runs an annual deficit of approximately $5.7 billion.”
On Wednesday, US President Donald Trump sent a letter to Prime Minister Mohammed Shia al-Sudani, affirming the strength and commitment of the trade relationship between the two countries and calling on Iraq to participate in the “extraordinary economy of the United States.”
Trump explained in his letter that the United States would impose a 30% tariff on all Iraqi products exported to the United States.
He explained that this measure is due to the “trade deficit between the two countries,” stressing that “these fees are necessary to correct customs and non-tariff policies.”
Trump reiterated the United States’ commitment to continuing trade cooperation with “great Iraq,” expressing his aspiration to “continue working with Iraq as a trading partner for many years to come.”
The US President concluded his message to Al-Sudani by saying, “The United States will never let you down,” he said.
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