1Q tea exports in $ terms reach 6-year high of $ 354 m

Thursday, 18 April 2024 01:42 - - {{hitsCtrl.values.hits}}

First quarter tea exports in $ terms had hit a six year high of $ 354 million, Asia Siyaka Research said yesterday quoting data published by Sri Lanka Customs.

Sri Lanka shipped 62 Mnkg during the period January - March 2024, up 15% on last year’s figure of 54 Mnkg.

“Due to steady strengthening of the Sri Lankan Rupee against US$ YoY and lower auction prices, Rupee earnings show only a nominal change with an increase from Rs. 36 billion to Rs. 38 billion,” Asia Siyaka said.

“In USD however, the approximate value is $ 354 million was 13% more than the 2023 figure of

$ 314 million. This year’s Dollar earnings are the highest since 2018; however, the country exported 68.8 Mnkg in Q1 of that year compared with 62.3 Mnkg in 2024,” Asia Siyaka added,

It said Iraq topped the list of biggest buyers with a quantity of 8.4 Mnkg amounting to 14% of all shipments in 2024. The UAE follows with 7 Mnkg, up 56% on last year. Shipments to Russia have grown 14% YoY 6.4 Mnkg. Turkey follows but quantities have declined a sharp 40% to 4 Mnkg. Iran has increased 166% YoY from 1.3 Mnkg to 3.4 Mnkg this year. Saudi Arabia has increased 39% YoY 2.5 Mnkg and is followed by China up 8% to 2.4 Mnkg.