Exports from the United Arab Emirates (UAE) to Iraq jumped to $33 billion in 2024, up nearly $10 billion from 2023, the Iraq Future Foundation for Economic Studies and Consultancy reported. Precious metals, primarily gold, accounted for $12.8 billion of the total, followed by electronics at $6.3 billion, vehicles at $5.1 billion, and electrical and mechanical equipment at $2.3 billion.
The surge in gold imports—from $3.2 billion in 2023 to $12.8 billion in 2024—has raised questions about financing and trade settlements. Foundation president Manar al-Obaidi highlighted concerns over whether the gold was purchased through the Central Bank of Iraq or via funds outside the formal banking system, emphasizing the need for transparency in funding sources and trade channels.
Early data from the first quarter of 2025 shows a 52 percent drop in UAE gold exports to Iraq compared with the same period in 2024. Analysts note that while gold plays a role as a liquid and alternative trade settlement tool, the dramatic fluctuations underscore the importance of monitoring import mechanisms, entry points, and the ultimate use of the gold within Iraq.
Overall, the UAE’s exports, led by gold and high-value electronics, accounted for a significant share of Iraq’s imports in 2024, reflecting the growing economic interdependence between the two nations but also highlighting potential financial and regulatory risks.
