Middle East Conflict Hits Sri Lanka Tea Industry
Sri Lanka's $1.5 billion tea industry faces significant strain as regional conflict reduces exports to major buyers like Iraq and the UAE. Earnings fell over 17% in March, forcing workers to cut essential costs while major brands like Dilmah seek new markets to offset rising logistics expenses.
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Sri Lanka saw tea export earnings drop 17.3% in March to $114.75 million as Middle East conflict disrupted major trade routes. Nearly 50% of the nation's $1.5 billion tea industry, worth $680 million annually, relies on Middle Eastern buyers. For investors, the disruption threatens a primary foreign exchange source for an economy already facing a 40% fuel price hike.
