COLOMBO : Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves.The barter was agreed in 2021 for oil imported in 2012, but
COLOMBO : Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves.
"This is very timely for us because we get access to an important market and both Iran and Sri Lanka can trade without relying on dollars," Sri Lanka's Tea Board Chairman Niraj de Mel told Reuters. Globally popular Ceylon Tea is Sri Lanka's highest foreign exchange-earning crop, brewing $1.25 billion for the cash-strapped country last year, according to government data.
A significant share of Sri Lanka's tea is now shipped to Iran via the United Arab Emirates , official data shows, with the UAE more than doubling its tea imports from Sri Lanka to $118 million last year from $48 million five years ago.
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