The value of trade between Iraq and the United States declined last year to approximately $10.4 billion, compared to the previous year, which recorded a higher level of about $1.6 billion, with goods trade accounting for approximately $7.9 billion of the total.
A report from the Office of the United States Trade Representative, which was reviewed by the News Video Agency, indicated that U.S. exports of goods to Iraq amounted to $1.7 billion, while U.S. imports from Iraq were valued at $6.3 billion, noting that U.S. imports of Iraqi goods fell by 16.8% year-on-year, while U.S. exports to Iraq decreased by 1.2%.
The office added that the U.S. trade deficit in goods with Iraq consequently shrank to $4.6 billion, a decrease of 21.2% from the previous year.
It continued that the volume of trade in services between the two countries reached about $2.4 billion, with a decline in U.S. service exports to Iraq by 15.5%, reaching $1.9 billion, compared to an increase in U.S. imports of Iraqi services by 2.1%, reaching $541 million.
It was clarified that the United States' surplus in services trade with Iraq decreased by 21%, amounting to approximately $1.4 billion last year.