Latest news with #ManarAl-Obaidi
Shafaq News
4 days ago
- Business
- Shafaq News
Jordan's exports to Iraq: Strong growth in 2024
Shafaq News – Baghdad/Erbil/Amman Jordan's exports to Iraq rose sharply in 2024, increasing by 44% compared to the previous year, according to a new report by the Iraq Future Foundation for Economic Studies and Consulting. The report indicated that Jordan's trade advantage over Iraq widened considerably, as Iraqi exports to Jordan fell, resulting in a 64% rise in the trade imbalance favoring the Kingdom. The value of Jordanian exports to Iraq reached approximately $1.4 billion in 2024, up from $956 million in 2023. Fertilizers led the surge, jumping by 236% to $187 million, followed by cleaning products, which rose 18% to $186 million. Pharmaceutical exports also climbed 54% to $177 million. Jordan also expanded its exports of food products to Iraq. Fruit and vegetable shipments rose by 130% to $48 million, while meat exports more than doubled to $41 million, compared to $20 million in 2023. Meanwhile, Iraq's exports to Jordan fell by 5%, from $279 million in 2023 to $265 million in 2024. The decline was largely due to an 8% drop in oil and petroleum product exports — which make up about 90% of Iraq's total exports to Jordan — falling from $260 million to $239 million. Non-oil exports, though still a small portion of Iraq's outbound trade, showed mixed performance. Exports of carbonated beverages and juices increased from $943,000 in 2023 to $12 million in 2024. However, date exports declined 11% to $4.5 million. The foundation quoted its director, economic expert Manar Al-Obaidi, saying the resulting trade deficit reached $1.1 billion in 2024, up from $676 million the year before. Al-Obaidi warned that the deficit is likely to continue rising due to Iraq's growing reliance on Jordanian goods, citing simpler financial transaction procedures with Jordan compared to other countries facing political or logistical complications. He added that no serious measures have been taken by relevant Iraqi authorities to regulate bilateral trade or support the country's non-oil exports. 'There is still no incentive program to boost Iraqi exports or a strategy to strengthen Iraq's presence in the Jordanian market,' he said. Al-Obaidi stressed the importance of speeding up domestic industrial development, particularly in petrochemicals and fertilizer manufacturing. He also highlighted the opportunity to lessen import reliance by strengthening Iraq's pharmaceutical and cleaning product industries, urging Iraq's Ministry of Trade and other economic institutions to develop 'a national plan' to rebalance trade with partner countries.
Shafaq News
09-03-2025
- Business
- Shafaq News
Lack of management: expert slams Iraq's "runaway" spending
Shafaq News/ Iraq's annual government spending has outpaced several stronger economies despite its continued reliance on oil and ongoing economic stagnation, according to Manar Al-Obaidi, head of the Iraq Future Foundation. Over the past decade, Iraq's total revenues reached 1,028 trillion Iraqi dinars ($784.4 million), with 92% derived from oil and only 8% from taxes, customs, and other sources. Meanwhile, government spending during the same period amounted to 1,007 trillion dinars ($768.4 million), along with unsettled advances ranging between 100-150 trillion dinars ($114.5 billion), pushing total expenditures beyond 1,100 trillion dinars (approximately $1 trillion). Despite its immense wealth, Iraq's $100 billion annual budget surpasses the expenditures of several diversified economies. The UAE spends $65 billion annually, Malaysia $82 billion, and Singapore $77 billion, yet all three nations have expanded their economies to achieve a GDP of $500 billion per year. Al-Obaidi noted that unlike Iraq, these countries lack vast natural resources and a large population, yet they have built thriving economies with significantly lower budgets. Iraq, by contrast, remains trapped in an oil-dependent economy, chronic financial mismanagement, and worsening unemployment. 'The problem has never been a lack of resources but rather how they are managed,' Al-Obaidi stressed, warning that Iraq's reliance on a rentier economy will continue to deepen its financial challenges unless urgent reforms are implemented. He called for diversification, efficient spending, and an end to financial waste to ensure long-term stability. He concluded that Iraq's success hinges on 'a stable government to improve development management.' Removing any element of that balancing act, he warned, would lead to systemic failure.
