Iran annually imports $5 billion worth of essential goods from Brazil with a customs duty of up to 4% while the Islamic Republic’s exports to the South American country is less than $100 million per year, says the head of Iran-Brazil Chamber of Commerce.
Speaking to ILNA news agency, Fakhreddin Amerian added that Brazil imposes over 100% in duties on Iranian exports and called on parliamentarians to pass a bill on devising a preferential trade agreement between the two countries for cutting Brazil’s import tariffs on Iranian goods for a more balanced bilateral trade regime.
“Iran can boost its exports of petrochemical products, gasoline, pistachio, raisins and dates to Brazil,” he said.
"But our exports to this country are less than $100 million. The Brazilian government also levies more than 100 percent customs tariffs on it."
The official noted that Iran imports 50-60% of its essential goods from Brazil.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
Iran traded 1.14 million tons of non-oil commodities worth $702 million with Latin American countries during the current fiscal year’s first seven months (March 21-Oct. 22), latest data released by the Islamic Republic of Iran Customs Administration show.