Tasnim – The total amount of the Iranian exports to neighboring Iraq during the last Persian calendar year (March 2018- March 2019) hit a record high, the data released by Iran’s Customs Office showed.

During the last Iranian year, the Islamic Republic exported $9 billion worth of products to Iraq, indicating a 36 percent increase comparted to a year earlier, setting a new record in the bilateral trade between the two countries, the Customs Office report said.

The data also showed that the total value of Iran’s exports over the 12-month period amounted to $44 billion, with petrochemicals accounting for $14 bln of the exports.

The top export destination of Iran was China, according to the report.

Iran and Iraq have stepped up efforts in recent years to develop their ties in different areas, including economy and trade.

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran back in November, Iranian President Hassan Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

In February, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.