Iran runs out of dollars, India's basmati rice exports may fall 20%

Islamic Republic ordered nearly 30 per cent of India's basmati rice exports in financial year 2019-20, buying 1.3 million tonnes

India’s basmati rice exports to Iran may decline 20 per cent this financial year as the West Asian nation fails to make payment due to US economic sanctions, said a study.

Iran ordered nearly 30 per cent of India’s total basmati rice exports in financial year 2019-20, buying 1.3 million tonnes. The US economic sanctions have paralysed business in Iran, which is battling the crisis for a year now.

Indian exporters said they have cut shipments to Iran because of delay in payments linked to the Islamic nation running out of dollars. 

“Iran, which imports around 1.3 million tonne annually,