Economy, Domestic Economy

Iran's Huge Deficit in Trade With Brazil

Iran's Huge Deficit in Trade With Brazil
Iran's Huge Deficit in Trade With Brazil

Brazil exported about $2.2 billion worth of commodities to Iran and imported $75 million in return in the last Iranian year that ended on March 20, 2017, the head of Iran-Brazil Joint Chamber of Commerce, Kaveh Zargaran, announced.

Considering that the South American country imports $6 billion worth of fertilizers and $6.5 billion and $1.3 billion worth of plastic products and iron and steel respectively every year, Zargaran said Iran has the potential to supply the Brazilian market for these products and give a boost to its exports, the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture reported.

Petrochemical fertilizers and iron and steel accounted for $50 million and $20 million of Iran’s total exports to Brazil respectively last year. Other Iran’s exports consisted of raisins.

Zargaran called on the government to consider allocating incentives, especially transportation subsidies given the long distance between the two countries, to Iranians exporting to Brazil in order to secure a foothold in South America’s biggest market.

With the aim of developing business ties between the two countries, Iran-Brazil Chamber of Commerce was officially inaugurated on July 9. It is the first and only joint chamber with a South American nation.

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