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.
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