Economics
Sanctions Push Iran Past Russia as Biggest Buyer of Indian Tea
- Tea exports to Iran rose 74% last year to 53.5 million kg
- Shipments to China also gained on demand for black-tea brands
A variety of premium teas are weighed and laid out for tasting at the Makaibari Tea Estate in Darjeeling, India.
Photographer: Sanjit Das/BloombergThis article is for subscribers only.
Iran overtook Russia to emerge as the top buyer of Indian tea last year, after sanctions against the Islamic Republic halted imports other than specially negotiated deals.
India and Iran have been trading through a rupee-based bank account to bypass restrictions imposed by the U.S. While this bilateral trade has boosted imports of the Indian leaf at higher-than-normal prices, the outlook for orthodox teas is uncertain with even Lipton owner Unilever Plc weighing a sale of one of its best-known brands.