Indian tea exports hit a trough during April-November 2023
NEW DELHI : India saw a slump in its tea export earnings during April-November 2023 amid regulatory challenges in Iran, a large market, and due to the ongoing Ukraine crisis impacting exports to the CIS (Commonwealth of Independent States) and Western European region, latest data from the commerce ministry showed. India exported tea worth $531.63 million between April and November 2023, down from $562 million in the year-ago period, according to official data from the Niryat Portal. Geopolitical disturbances, especially in Middle East and Ukraine, subdued economic conditions along with a drop in export prices have led to a decline in export earnings for the commodity, experts said.
“We expect about a 10% drop in the total volume of tea exports from India to about 200 million kg during calendar year 2023. This is largely due to lower exports to one of our main markets, Iran, and also due to the Ukraine war, which impacted demand in Western Europe," said Anshuman Kanoria, chairman, of the Indian Tea Exporters Association (ITEA). India exported about 227 million kg of tea during the calendar year 2022.
“We would have been in bigger trouble if Indian tea exporters didn’t penetrate newer markets like Iraq, Jordan, and Turkey," he added. Earlier, Iran had blocked foreign exchange allocations for importing Indian tea into the country. The West Asian country is gradually opening up to Indian tea exports again.
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