Thursday Nov 21, 2024
Thursday Nov 21, 2024
Tuesday, 12 September 2023 00:01 - - {{hitsCtrl.values.hits}}
The Tea Exporters’ Association’s (TEA) 24th Annual General Meeting (AGM) concluded on a positive note, celebrating the success of the 157-year old sector, highlighting the need to effectively develop and preserve Sri Lanka’s tea legacy for the generations to come.
Ganesh Deivanayagam was unanimously re-elected for a second term as the TEA Chairman at the AGM held at the Taj Samudra Hotel on 1 September.
Addressing the AGM, Sri Lanka Tea Board Chairman Niraj De Mel expressed optimism about achieving 265 million kilos of output this year despite the short-term setbacks in the tea crop.
He stressed the importance of maintaining sustainability in light of price fluctuations, urging a strategic focus on value addition to harness the full potential of the country’s diverse agro-climatic growing districts.
The AGM served as a platform to assess the industry’s current state. Statistics from January to July 2023 exhibited promising growth, with tea production reaching 155.82 million kilos, an increase of 2.59 million kilos from the previous year, attributed in part to the reapplication of fertiliser.
Despite global headwinds, Sri Lanka’s tea exports demonstrated remarkable resilience. Cumulative exports for the same period reached 134.99 million kilos, commanding an FOB value of Rs. 1,827.58 per kilo, marking a substantial increase compared to the previous year. Notably, tea export revenue for the first half of 2023 surged to $ 635.5 million, making a notable 10% upswing from the same period in 2022.
FAO Resident Representative Vimlendra Sharan focused on the critical need to safeguard the welfare of tea smallholder farmers and workers along the value chain.
He underscored the growing significance of ethical and sustainable production, aligning with the shifting preferences of consumers towards healthier options.
The event witnessed the gathering of industry luminaries, stakeholders, and esteemed guests, convened to celebrate the remarkable resilience of Sri Lanka’s tea industry in the face of global adversities.
Deivanayagam commended the concerted efforts that led to sustaining tea export revenues, even in the face of hurdles like raw material imports and a high-tax environment.
Underlining Sri Lanka’s distinctive position in the global tea market, Deivanayagam spotlighted the average FOB price for Sri Lankan tea at $ 5.10 per kilo, outstripping both Indian and Kenyan counterparts. This positions Sri Lanka as the world’s second-largest tea revenue earner, trailing only behind China.
He expressed gratitude to the membership, highlighting the industry’s triumph over both domestic and external challenges.
