Saturday Dec 28, 2024
Saturday Dec 28, 2024
Friday, 17 May 2024 00:56 - - {{hitsCtrl.values.hits}}
Sri Lanka’s tea exports in April in volumes have increased, whilst values have dipped, industry sources said. Forbes and Walker Research said tea exports in April reached a total of 16.38 million kilos, marking a steady increase of 0.21 million kilos compared to the same period a year earlier.
In April 2023, volume of tea exports was 16.16 million kilos, down by 2.13 million kilos compared to same period in 2022.
Interestingly, tea in bulk, instant tea and green tea stood as exceptions, demonstrating growth, while tea packets and tea bags suffered declines in comparison to the corresponding month in 2023.
The FOB (Free on Board) value for April 2024 was at Rs. 1,745.45, marking a decline of Rs. 111.17 year-on-year (YoY) compared to April 2023, which recorded Rs. 1,856.62. In terms of US Dollar value, tea in bulk, tea bags and instant tea saw marginal increases, while other categories witnessed negative variances.
In April 2023, recorded the highest ever FOB of $ 5.78 per kg, pushing the cumulative FOB figure to a record $ 5.80 per kg.
The cumulative exports for the period spanning January to April 2024 amounted to 78.70 million kilos, reflecting a notable increase of 8.45 million kilos compared to the corresponding period in 2023. January-April 2023 cumulative exports totalled to 70.25 million kilos, down by 11.74 million kilos from the corresponding period in 2022.
Instant Tea was the only category that did not exhibit steady growth during this period, while the other product categories exhibit negative variations.
During the first four months the FOB value was reported at Rs. 1,772.36, reflecting a decrease of Rs. 223.93 compared to the same period in 2023, which recorded Rs. 1,996.29. Although most categories showed negative variances in LKR value, there was only a marginal decrease in USD terms for tea packets and instant tea, with other categories experiencing positive variances compared to 2023.
Among major importers of Ceylon Tea, Iraq secured the top position, importing a total of 10.24 million kilos during the first four months of 2024, marking a significant increase of 37% YoY. The United Arab Emirates (UAE) and Russia maintained their positions at second and third place respectively, with Türkiye experiencing a notable decline.
Iran saw a remarkable 198% YoY increase, moving up to the fifth position from the 15th position in 2023. Other notable importing countries include China, Saudi Arabia, Azerbaijan, Germany and Chile.
