Iraq studies food commodities exchange as ministry eyes surplus crop exports

BAGHDAD — Iraq’s Ministry of Trade is studying the creation of a national exchange for food commodities to regulate prices and protect domestic production, spokesperson Mohammed Hannoun said Saturday.

Hannoun told the Iraqi News Agency the proposed exchange would regulate the trading of crops and essential goods “according to transparent mechanisms based on real prices and supply and demand,” reduce the role of intermediaries and achieve price stability, with the possibility of linking it in the future to regional and global markets.

The ministry is also moving to strengthen digital tracking of import shipments by linking border crossings and ports to electronic databases that would trace goods from their country of origin to local warehouses, he said, with pre-inspection and documentation of production and expiration dates. Materials that do not meet standard specifications or are expired would be barred from entry.

On exports, Hannoun said the priority remains securing domestic needs and building strategic reserves. If a surplus is achieved during the 2026 season, the ministry would coordinate with relevant authorities to develop mechanisms for exporting surplus quantities in a way that “achieves economic returns for the state, supports the Iraqi farmer and enhances Iraq’s agricultural standing in the region.”