Brazil is among the world's most expensive countries to buy an iPhone

Consumers pay more than double the US price for Apple products, says report.

Brazil is among the world's most expensive countries to buy Apple products, according to a new report looking at 20 countries worldwide, published by bank BTG Pactual.

Consumers pay $1,746 for an iPhone XS 64GB in Brazil, so 74 percent more than Americans. When it comes to other products, such as the iPad 32GB, the variation is even greater: Brazilians pay $743, so 140 percent more than US consumers.

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The fourth edition of the Zara Index compares prices of products sold by the Spanish retailer network in the United States with other countries in which it also operates, using it as a reference to determine the competitiveness of 44 global markets.

The prices of imported electronics in Brazil are among the highest of the countries listed in the report and are justified the argument that the Latin country is a "tough environment for foreign players", who have to deal with "challenging and structural issues."

Such problems include high import taxes, complexities and bureaucracy for imports and bottlenecks around logistics. According to the report, that means players with local manufacturing operations will get the upper hand in the years to come.

The report also includes hopeful mentions to the pledges of the new government administration to simplify the Brazilian tax system and reduce import taxes, which could mean a more benign outlook for foreign players operating in Brazil.

According to the report, Brazil is also the most expensive country in the world to purchase Zara products: Brazilians pay 18 percent more for a 12-item basket than in the US.