Thursday Nov 14, 2024
Thursday Nov 14, 2024
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Tea exports in the first have been down by 9% volume wise, whilst earnings jumped by 28% from a year earlier according to Customs data analysed by Siyaka Research.
It said 125.2 million kg of teas were shipped during January – June this year compared with 136.9 million kg in the corresponding period of 2021, reflecting a 11.6 million kg drop YoY.
Sri Lanka shipped 23.5 million kg in the month of June which is the highest quantity in any month this year; but was 13% lower than last year’s June quantity of 26.9 million kg.
Following a sharp depreciation of the rupee, earnings for 1H rose to Rs. 164.2 billion; 28% more than the figure of Rs. 127 billion achieved in 2021.
This converts to an approximate $ 577 million against $ 650 the year before. Based on a quantity of 125 million kg the approximate FOB value per kg is $ 4.61 in 2022 compared with $ 4.75 in 2021.
Exports of tea in value added form, that is total exports less bulk shipments, was 57% of the total. Tea Packets accounted for 46% of all shipments up from 45% a year ago. Tea Bags 9% and Instant Tea 1% have maintained their contribution, though quantities are down 12% and 17% respectively YoY.
Iraq continues to lead as the number one destination for Sri Lanka’s tea exports with quantities rising sharply by 46% to 23.5 million kg against 16.1 million kg the year before.
The UAE is second at 10.7 million kg with a nominal increase of 4% and is followed by Russia 10.1 million kg against 13.3 million kg the year before. Turkey follows with 7 million kg sharply down from 17 million kg shipped during January – June 2021.
Azerbaijan 6.3 million kg, Iran 6.2 million kg are at around last year’s levels. China is down 23% YoY to 5.7 million kg and is followed by Libya 5.7 million kg which is nominally ahead of last year. Germany 3.9 million kg has recorded a sharp 38% gain YoY 2021 and is followed by Chile 3.8 million kg.
