Iran buys 150,000 tons of Brazil sugar
Iran has bought 150,000 metric tons of raw sugar from Brazil for domestic consumption, Deputy Agriculture Minister Ali Qanbari says.
“Before the nuclear agreement, 150,000 tons of raw sugar was purchased from Brazil but the cargo has not arrived yet,” said the official, who is also the head of Iran’s Government Trading Corporation (GTC).
“The bought sugar will be delivered to local factories for refining and processing after which it will go to domestic consumption,” he told the Fars news agency.
Qanbari said the purchase was the first by the Iranian government since the start of the year. The official indicated that further imports were in the pipeline for re-exports to neighboring Iraq.
“We have signed an agreement with Iraq to meet a portion of its needs for sugar under the arrangement that we import raw sugar and export it to Iraq after refining and processing.”
Qanbari said there was no immediate plan for new purchases for domestic use.
“Government Trading Corporation is owned by the government. If we decide that new exports and imports make economical sense, we will certainly do that. But no decision has been made in this regard yet.”
Imports make up about 50% of Iran’s sugar consumption estimated at more than 2.5 million metric tons per year.
US and European sanctions on Iran have created a series of problems for the imports of basic commodities. While food and pharmaceuticals were purportedly exempt from the restrictions, the banking and insurance ban forced many partners to shun business with the country.
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