KOLKATA: Mounting economic woes in Sri Lanka, a major player in the global tea market, may provide opportunities for Indian exporters of the commodity as the island country is set to witness a significant decline in its production and shipments this year, industry stakeholders and experts said on Monday. Sri Lanka produces around 300 million kg of tea annually and is predominantly an orthodox tea producer. The country exports around 97-98 per cent of its annual output, rating agency ICRA Ltd's vice president Kaushik Das said.

Sri Lanka accounts for around 50 per cent, if not more, of the total global trade of orthodox tea and exports the beverage to mostly west Asian countries such as Iraq, Iran and UAE, and North African destinations like Libya along with Russia and Turkey, he said.