In the wake of Iran's assault on Israel, Indian exporters of tea and basmati rice are concerned that it may affect exports of these goods abroad, while importers of edible oil are speculating that prices for sunflower oil may begin to climb. According to government data, Iran contributed for $598 million of the almost $4.59 billion in total value of basmati rice shipped in the initial 11 months of the previous fiscal year. Additionally, exporters intend to send 40 million kilograms of tea to Iran this year. Iran, Israel, and the surrounding countries are among the top importers of basmati rice. Indian exports could suffer greatly if the area becomes a conflict zone, according to a major rice exporter who wished to remain anonymous.
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Basmati and Tea Exporters Brace for Impact as Tensions Rise in the Region
"If the situation worsens, shipping routes will alter. Then, things will get really tough for the exporters of basmati rice. For us, this week is really important," stated prominent exporter and former All India Rice Exporters Association president Vijay Setia. Tea exporters are also a nervous group; they had hoped to deepen their economic relationship with Iran this year. "The first two sales from Iran have been robust and we were thinking that the situation will be normal this year," stated Mohit Agarwal, director of Asian Tea Company, one of the major Iranian tea exporters. He also mentioned that tea shipments might be affected if Israel retaliates and the crisis escalates.
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