Iraq recorded a trade surplus of close to $24.7bn in 2025, supported by exports that significantly exceeded imports through the year, the Central Bank of Iraq said in data released on May 18.

Trade figures calculated on a free on board (FOB) basis showed Iraqi exports totalled around $90.43bn during 2025, against imports of approximately $65.74bn, producing a surplus of $24.686bn.

Exports reached $24.11bn in the first quarter before easing to $23.29bn in the second. Export values then fell to $21.41bn in the third quarter before edging higher to $21.62bn in the final quarter.

Imports stood at $18.16bn in the first quarter and fell to $15.99bn in the second. They rose marginally to $16.10bn in the third quarter before declining again to $15.49bn in the fourth.

Iraqi exports exceeded imports in all four quarters, sustaining a positive trade balance across the year despite fluctuations in quarterly export revenues.

Iraq's economy remains heavily dependent on oil exports, which account for the vast majority of state revenues and foreign currency inflows. Trade performance is therefore closely tied to global crude prices and export volumes.

The figures cover a year in which oil markets came under significant strain, with Brent crude rising sharply after the conflict between Iran, Israel and the United States disrupted shipping through the Strait of Hormuz. Iraq is the second-largest crude producer in the Organization of the Petroleum Exporting Countries, with the bulk of its exports shipped from southern terminals on the Persian Gulf.

The FOB methodology measures the value of goods at the point of loading in the exporting country, excluding shipping and insurance costs.