Most of them are precious metals… UAE exports to Iraq amounted to approximately $33 billion during the year.
Most of them are precious metals… UAE exports to Iraq amounted to approximately $33 billion during the year.
2025-09-05 01:41
Shafaq News – Baghdad
The Iraq Future Foundation for Economic Studies and Consultations announced on Friday that UAE exports to Iraq increased by approximately $10 billion in 2024 compared to 2023, noting a significant increase in exports of precious metals from that country to Iraq, particularly gold.
Official data from the UAE Statistics Authority indicates that the volume of UAE exports to Iraq reached approximately $33 billion in 2024.
The corporation stated in a report today that these exports were distributed as follows: $12.8 billion in precious metals, mostly gold; $6.3 billion in electronic devices, the largest portion of which was mobile phones; $5.1 billion in cars; and $2.3 billion in electrical and mechanical equipment.
According to the report, for comparison, the UAE’s exports to Iraq in 2023 did not exceed $23 billion, of which gold accounted for only $3.2 billion.
The institution noted that this significant increase in gold imports in 2024 raises legitimate questions, especially given that one of the main reasons for this increase is the use of gold as an alternative means of financial settlement in trade with certain countries, in addition to its ease of liquidity in markets and its use in various financial transactions.
The report quoted the institution’s head and economic expert, Manar al-Obaidi, as saying, “But the most important question remains: Where were these massive gold imports financed? Were they fully covered by transfers from the Central Bank of Iraq? And if so, what was the reason for the regulatory regime implemented since 2023—which limited the ability of dozens of Iraqi banks to conduct foreign transfers and focused oversight on the remaining banks, thus requiring tighter oversight of trade finance operations.”
He continued his questions, “Or was the gold purchase financed outside the Iraqi banking system? If this possibility is true, what is the source of this money and why was it used to purchase and export the gold to Iraq?”
The report noted that data for the first quarter of 2025 indeed indicates a sharp decline in UAE gold exports to Iraq, down 52% compared to the same period the previous year. However, the reasons for the significant jump in 2024 and subsequent decline in 2025 remain unclear, calling for serious consideration. The fact that more than 12% of Iraq’s total imports go to gold requires careful monitoring, starting with identifying the sources of financing for this commodity, moving on to its transport channels and the ports through which it entered the country, and ending with the identity of the importers and the uses of this gold.
The institution emphasized that it is imperative today for economic policies to move toward fully automating the gold sector in all its layers, and to prohibit transactions except through monitored electronic payment channels. This allows tracking of sales and purchases and identifying the ultimate beneficiary of these large quantities. The goal is not only to meet Iraq’s actual need for gold, but also to prevent its use for purposes that could harm the national economy and undermine confidence in the Iraqi banking system.
shafaq.com
