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Exporters of Basmati rice & tea wary of US trade sanctions on Iran

 

After the US President, Mr Donald Trump, re-imposed US sanctions on Iran, exporters of Basmati rice and tea to Iran are keeping their fingers crossed and waiting with bated breath for the picture to clear. Since Iran is a big market for Indian Basmati rice and premium-quality orthodox tea, exporters feel they may lose the Persian Gulf country’s market if sanctions remain. But they are clear in one point: they are open to trade in euro or any other currency if the dollar trade stops following the sanctions.

 

"Iran is a big market for Basmati rice. At present, there is a lot of confusion in the market on what will happen after US sanctions. Our government is in talks with the Iranian government to avoid US sanctions and do business smoothly. We are hopeful something will emerge soon. Exports are still going on and the trade is on a wait and watch mode," said an exporter. In the current fiscal, the trade wants to export 1 million tonnes of Basmati rice to Iran.

 

At present, Basmati rice is sold at between $1,200-$1,300 per tonne in the world market. In FY18, India exported 0.87 million tonnes of Basmati rice to Iran while total exports stood at 4.05 million tonnes, reports said.

 

Source: Exim News Service - Mumbai, June 13

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