Indian exporters of basmati rice and tea are expressing concerns over potential disruptions to their shipments to the Middle East amid recent flare-ups in the region. Basmati rice, a staple export commodity for India, has key markets in Iran, Israel, and neighboring countries. Trade groups and exporters warn of severe consequences if tensions escalate further, emphasizing the critical nature of the current week for exporters. Iran alone accounted for a substantial portion of India's basmati rice exports, totaling $598 million out of nearly $4.59 billion during the first 11 months of the previous fiscal year.
Similarly, tea exporters had anticipated expanding their business with Iran, aiming to ship 40 million kilograms of tea to the region. However, renewed conflict concerns now jeopardize these plans. The uncertainty surrounding the situation in the Middle East casts a shadow over India's export prospects, particularly in key markets like Iran. Exporters are closely monitoring developments, preparing for potential challenges ahead. The coming days will be crucial as Indian exporters navigate through the uncertainties posed by the geopolitical situation in the Middle East.
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