Baghdad (IraqiNews.com) – A new analysis of trade data from the United Arab Emirates reveals that gold exports to Iraq dropped by a staggering 53% in the first quarter of 2025. The value of these exports fell from $4.6 billion in Q1 2024 to $2.2 billion in Q1 2025, raising serious questions about the massive spike in gold imports that occurred the year prior.
Official data from the UAE’s statistics agency shows that while the total value of exports to Iraq in Q1 2025 decreased by 23% to $7.5 billion, the decline was driven almost entirely by the sharp drop in gold. In contrast, other key export categories to Iraq saw significant growth:
- Electronic devices: up 24% to $1.6 billion.
- Cars: up 27% to $1.4 billion.
- Mechanical and electrical devices: up 12% to $591 million.
The analysis points to a significant but unexplained leap in gold imports in 2024, when gold’s share of total UAE exports to Iraq soared to $12.8 billion, a massive jump from just $3.2 billion in 2023. This raises a critical question: how were these enormous gold imports funded? Was the money channeled through the Central Bank of Iraq’s transfer system, or was it financed from outside the formal banking sector? The fact that gold imports have constituted over 12% of Iraq’s total imports and are now dropping sharply demands a serious inquiry into their source and purpose.
The analysis recommends a comprehensive and urgent review of the gold sector, urging for full automation and a move to monitored electronic payment channels. The objective is to track the movement of gold, identify the end-users, and prevent the use of this commodity for purposes that could weaken the national economy and undermine confidence in the Iraqi banking system.
