Also the new data shows that Irans 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 Irans 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 Irans 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 Irans second largest trade partner in Latin America.

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