Economy, Domestic Economy

Banana Imports Down 63%

Banana Imports Down 63%Banana Imports Down 63%

Close to 132,000 tons of bananas worth $101.5 million were imported during the seven months to October 21, registering over 63% decline both in weight and value, Eranico reported.

Based on a regulation recently ratified by the government, bananas can be imported at a low tariff of 5% if apples are exported in return. If traders only want to import bananas without exporting apples, they are required to pay a 26% tariff.

The new regulation is said to be the main reason for the fall in banana imports as well as the 300% and 220% rise in apple exports in weight and value respectively during the first half of the year.

Turkey was the biggest exporter of bananas during the seven-month period and shipped over 60,000 tons of the fruit to Iran.

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