Sri Lanka's tea prices dropped this week as sanctions against Iran affected the state's exports, reports Xinhua.
According to one tea broker, John Knells Ltd. average prices have been steadily falling from 452 rupees per kilo at sale in late September, to 407.31 rupees in mid-October.
Sixty percent of Sri Lanka's tea exports is to the Middle East, with Iran one of the largest importers.
In a statement, John Knells said,
"High priced Tippy teas which feed the Iranian market have come under severe strain with prices dropping significantly in comparison to the Leafy teas,"
"The situation in Syria remains another area of concern, particularly for the Low Grown Leafy teas, which have also not fared too well. Given the present scenario, the immediate prospect for a quick turnaround does not look promising."
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