India’s tea exports to Iran treble in Q1’19

There has been an increase in India’s tea exports to Iran in the first quarter of 2019 to 27.09 million kg despite the prospects of India losing this market due to the sanctions imposed by the US on Iran. There was also a 7.54% year-on-year hike in price realisation during this period to Rs 269.62 per kg for teas.
Iran generally purchases 28-30 million kg of orthodox teas from India & is one of the largest markets for premium orthodox teas. India’s transactions with Iran are being conducted through a rupee account with UCO Bank because of the banking sanctions levied by the US for doing business with Iran.