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News number: 8809140495

14:48 | 2009-12-05

Economy

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Brazil, Iran's Biggest Trade Partner in Latin America

TEHRAN (FNA)- The International Monetary Fund (IMF) announced in a report that Brazil is the largest trade partner of Iran among the Latin American countries.



Also the new data shows that Iran's trade with Latin America tripled to $2.9 billion in 2008.

The report gives Brazil as the largest trade partner of Iran in Latin America with a turn-around of about $1.3 billion last year.

Since taking office in 2005, Iranian President Mahmoud Ahmadinejad has expanded Iran's cooperation with many Latin American states, including Venezuela and Cuba.

President Ahmadinejad went on a five-day visit to five African and South American countries including Brazil last week.

The report says Iran's trade with Latin America has experienced a 240.2 percent increase last year from 2007.

Iranian exports to South American states jumped by 85.2 percent to $337.6 million in the same period.

The IMF says Argentina increased its exports to Iran from $29 million in 2007 to $1.2 billion last year becoming Iran's second largest trade partner in Latin America.

Total trade between Iran and Venezuela reached $51.8 million last year, a 30.8 percent increase.