Iran Banana Imports Down 63%

Based on a regulation recently ratified by the government, bananas can be imported at a low tariff of 5% if apples are exported in return. If traders only want to import bananas without exporting apples, they are required to pay a 26% tariff.

The new regulation is said to be the main reason for the fall in banana imports as well as the 300% and 220% rise in apple exports in weight and value respectively during the first half of the year, according to Financial Tribune.

Turkey was the biggest exporter of bananas during the seven-month period and shipped over 60,000 tons of the fruit to Iran.