Coronavirus in Iran affects India’s basmati exports; domestic prices fall

India’s exports of basmati rice to Iran, which are already facing the heat of the US-Iran standoff, have been hit further after Iran reported several deaths from the coronavirus outbreak, reports Business Standard. Following the outbreak, Iran has stopped Indian basmati shipments. This has led to exports already falling 18-20 per cent this fiscal year. Iran is […]

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Iran overtakes Russia as biggest buyer of Indian tea in 2019

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, reports Bloomberg. India and Iran have been trading through a rupee-based bank account to bypass restrictions imposed by the US. While this bilateral trade has boosted imports of […]

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India’s basmati rice exports may take a hit this fiscal due to low buying from Iran and Saudi Arabia

Pre-emptive buying by Iran and Saudi Arabia has muted the overall exports growth of Indian Basmati rice in the current fiscal, reports Financial Express. During the first six months of the fiscal, rice worth Rs 15,564 crore has been exported, which is less than half of the value of rice exported during the last fiscal. […]

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US to impose sanctions on Iran’s metal exports and its leaders

The Trump administration imposed new sanctions on Iran last week, including penalties on the Islamic Republic’s metals and some senior leaders, following Tehran’s attack on U.S. military bases. The sanctions target steel, aluminum, copper and iron, as well as eight senior Iranian officials and sectors of the economy, such as construction, manufacturing, textiles and mining, […]

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Basmati exporters concerned over their Iranian dues after death of Qassem Soleimani

The death of Iran’s most powerful military commander could send jitters to India’s multi-billion dollar basmati rice export industry, reports Financial Express. With dues soaring over Rs 800-900 crore, industry insiders have said that the news of the assassination of Qassem Soleimani could make matters worse for an industry which sent one-third of its total shipments […]

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U.S. sanctions have cost Iran $200 billion

“Iran would have earned $200 billion surplus income…if the country were not involved in an economic war,” President Hassan Rohani made the comments while launching a railway project near Tehran on December 31. The United States imposed new sanctions against Iran after Washington abandoned the 2015 nuclear deal in which Iran agreed to curb its controversial nuclear […]

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India basmati rice exports fall to $2.22 billion in Apr-Oct FY20

India’s basmati rice shipments declined by a tenth at $2.22 billion during April- October 2019-20 on lower volumes, despite a marginal increase in per unit realisation, according to the latest figures released by the Agricultural and Processed Foods Export Development Authority (APEDA) under the Commerce Ministry. Exports of basmati stood at $2.47 billion in the […]

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