Brazil’s trade with Iran grew last year by 4.3 percent to $1.316 billion thanks to growth in both exports and imports, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF).
Brazil’s exports to Iran increased by 4.1 percent to $1.297 billion, while imports from Iran grew 29.1 percent to $19 million.
Brazil is Iran’s top trading partner in Latin America.
Argentina, Iran’s second-largest partner in the region, increased its imports by 8.6 percent last year to $7.8 million, but its exports to Iran fell 20.9 percent to $940.9 million. All in all, two-way trade reached $948.7 million, 20.8 percent decline from 2008.
Combined, Brazil and Argentina account for 94 percent of Latin America’s trade with Iran, which last year fell 14.4 percent to $2.4 billion Last year Venezuela replaced Ecuador as Iran’s third-largest partner. Although Venezuela’s trade with Iran fell 33.8 percent, Ecuador’s decline was much worse:
91.7 percent.
Venezuela also replaced Ecuador as Iran’s top market in Latin America. Last year, Iran’s export to Venezuela reached $36.6 million, a 33.4 percent decline. Exports to Ecuador fell 92.1 percent to $13.3 million, which ranked it as the third-largest market for Iranian goods in Latin America. Brazil ranks as the second.
Iran’s trade with Mexico reached $20.6 million, a 34.9 percent decline. That still ended up inching Mexico up one spot among Iran’s trade partners in Latin America – to sixth place.
Iran’s top ten trade partners also include Colombia, Costa Rica, Paraguay, Peru and Uruguay, according to the Latin Business Chronicle analysis.
