Iran's exports to South America hit $140 million

Business Materials 18 May 2011 11:56 (UTC +04:00)

Azerbaijan, Baku, May 18 /Trend/

Iran's export to South American countries amounted to over $140 million last Iranian calendar year (ended March 20 , 2011 ), while industrial and mine equipments share 94 percent of country's export, IRNA reported quoting Mines and Industries Deputy Minister for International Affairs Ahmad Khadam Almle as saying.

Iran exported industrial and mine commodities to Venezuela, Argentine, Brazil, Peru, Chile, Equator, Bolivia and other South American countries, he noted.

Venezuela was a major consumer on the Iranian market , importing goods worth over $67 million, while Brazil hold the second place with an import of industrial and mine goods from Iran in the amount of $54.5 million.

Iran has increased economical ties with South American countries since the United Nations Security Council (UNSC) imposed the forth round of economical and political sanctions over its disputed nuclear program.

The United States has stepped up its efforts to isolate Iran-linked commercial entities tied to nuclear program since the UNSC ordered a fourth set of sanctions against Iran in June 2010.

The U.S. Congress approved financial sanction against Iran in 2010, which impose strict conditions for foreign investors or financial firms, and prevents them to invest more than $20 million in Iran oil and gas industries.