India's basmati rice exports to Iran have slowed to a near standstill amid the protests gripping the Gulf country, with suppliers wary of new deals due to the risk of non-payment and potential additional U.S. tariffs, trade officials said.

Sanand

Exports of Indian Basmati rice to Iran have nearly halted as suppliers hesitate to sign new contracts amid civil unrest in Iran and concerns over potential new U.S. tariffs. Trade officials report that uncertainty is driven by fears of non-payment and the threat of a 25 percent levy on exports to the U.S. for countries trading with Iran.

Iran is India's second largest rice market, and the disruption has already led to falling prices in India and concerns about broader impacts on the agriculture sector. Iranian buyers have struggled to honor existing commitments, and the suspension of subsidized foreign exchange for food importers has made imports more costly, contributing to a significant drop in India's exports to Iran.

Protests and tariff worries stall India's rice exports to Iran

Exports of Indian Basmati rice to Iran have nearly ground to a halt. That's as suppliers have become reluctant to sign new contracts with Iranian buyers amid the civil unrest in the country. Trade officials say the uncertainty is due to fears of non-payment and potential additional U.S. tariffs. On Monday, U.S. President Donald Trump said any country that kept trading with Iran would face new 25 percent levies on their exports to the U.S. One leading rice exporter said the proposed tariff would add to challenges for the Indian farm sector. The country is Iran's largest rice supplier, with the staple grain accounting for nearly two-thirds of all Iranian imports from India. Dev Garg is the vice president of the Indian Rice Exporters Federation. Since Iran is our second largest market in the world, losing or even a small threat, a significant threat to that market share is a very concerning situation for the exporters and for the entire agriculture sector in India because as we have seen that the prices in India have fallen even by the news of this kiosk. So if this kiosk continues or intensifies further, this will lead to cascading effect throughout the supply chain. Garg said Iranian buyers have been unable to honor existing commitments and remit payments to India, compounding uncertainty for sellers. India's Ministry of Commerce and Industry has declined to comment. Iran has previously supplied foreign exchange to food importers at a subsidized rate but has now suspended that provision, effectively making imports much more expensive for buyers. India's exports to Iran, largely food items such as rice, fell to $1.24 billion in the 2024-25 fiscal year, little more than a third of the figure six years earlier. Major Indian exports to Iran include basmati rice and pharmaceuticals, while imports consist mainly of fresh and dried fruits.

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