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If the war-like situation in Iraq continues, it may push up oil prices by $15-$20 per barrel in the next couple of months.
Crude prices have already touched $113 per barrel, and the hike may add an additional $4-$5 billion on oil imports, besides pushing up inflation, according to the M Rafeeque Ahmed, President of Federation of Indian Export Organisations.
Trade relationsIndia’s bilateral trade with Iraq stood at $19.4 billion, with imports contributing to $18.5 billion and exports were $0.9 billion in 2013-14.
India’s exports consist mainly of cereals, machinery, iron and steel, pharma, meat products and ceramics.
Rafeeque said exports have already suffered a decline of 28 per cent in 2013-14 as compared to 2012-13, primarily on account of a drop in exports of iron and steel, sugar and petroleum products.
While cereals at $284 million topped the chart as the highest value, machinery (electrical and mechanical) came in second at $160 million, followed by iron and steel at $105 million and meat products at $87 million.
Pharma products were at $49 million and ceramics was at $36 million, in trade between the two countries.
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