Trade between Iran and Brazil stood at $475.4 million during the past Iranian year that ended in March – down 4.5% compared to the preceding year.
Iran’s imports reached $451.8 million during the period, showing a 33% rise. Exports to Brazil was a meager $23.6 million, showing a 70% decline, according to the Islamic Republic of Iran Customs Administration
Imports peaked in 2006-07 fiscal year at $786.6 million while exports in fiscal 2014-15 was $76.8 million.
The data released by IRICA corresponds to the first three months of the current Iranian year (March 20-June 20), in which Iran imported $167.7 million from Brazil and exported $1.3 million worth of goods to the South American country.
Iran mainly imports soybean, soybean meal, meat and sugar from Brazil and exports raisin, flooring, glassware, mirror, stone and medical equipment in return.
Sugar imports, in particular, have been on the rise since the lifting of international sanctions against Iran over its nuclear program in January.
Iran has bought 60,000 tons of Brazilian raw sugar, adding to an earlier purchase this month as the Islamic Republic steps up imports, Reuters reported on July 21.
This followed the purchase of a separate cargo of 60,000 tons of Brazilian raw sugar for July 15-August 15.
“It looks like there is more buying impetus from the Government Trading Company [affiliated to the Ministry of Industry, Mining and Trade]. This could be an indication of stock building,” an unidentified trade source was quoted as saying.
Moreover, Iran reportedly picked up at least 250,000 tons of Brazilian raw sugar for shipment in May and June in a series of deals. The buyers were mainly said to be private importers.
After contracting 3.8% last year, Brazil’s economy is expected to shrink 3.44% this year, according to a weekly central bank survey of 100 economists.
Iran is one of the 206 nations participating in 28 different sports fields at the 2016 Summer Olympic Games that opened in Rio de Janeiro, Brazil on August 5.
