Iraq’s import of aluminium foil during 2018-20 illustrates prompt growth with a gradual downfall; 18% upswing forecast for 2020

The Iraqi analysts who support their country stated that Poverty, unemployment, and a lack of local industry continue to plague Iraq's economy, and the resulting public unrest could be dangerous. Oil price volatility and COVID-19 have increased Iraq’s economic distress and deepened existing economic and social fragilities. However, with global oil markets trends turning positive, the outlook for Iraq is set to improve.

The political situation in Iraq remains extremely unstable, even though the war was officially declared as over in December 2017. The Western Asian nation, Iraq has imported 21,534 tonnes of aluminium foil during 2018-20 and the foreign revenue expended for the import accounted for $51.63 million.

In 2018, the Iraqi import of aluminium foil was recorded 2282 tonnes only and the expenditure counted to $10.22 million, whereas, in 2019, the import illustrated a prompt growth by 391.36%, as the import volume soared to 11,213 tonnes and the expenditure also climbed to $24.86 million.

Iraq’s import of aluminium foil in 2020 registered a downfall of 28.22%, as the import volume shrunk to 8048 tonnes and the expenditure also dropped to $16.55 million. The Covid-19 pandemic was one of the major considered reasons for this downfall, as domestic demand plunged as well the supply chain was also highly impacted.

The import for 2021 is analysed with an 18% growth, as the import volume is estimated to rise at 9498 tonnes and the expenditure is also predicted to surge at $21.85 million due to the hefty price rise of aluminium globally.

Iraq’s major trading destinations for the importation of aluminium foil are Bulgaria, China, Egypt, India, UAE, etc.