Tea sold volume down in 2022; dollar prices highest since 2017

Thursday, 5 January 2023 01:40 - - {{hitsCtrl.values.hits}}

Tea volume sold at Colombo auctions in 2022 was lower but prices rose to highest since 2017, Forbes and Walker Tea Brokers revealed yesterday.

It said January-December 2022 cumulative average of Rs. 1,234.24 ($ 3.83) was a significant

increase of Rs. 618.80 vis-à-vis Rs. 615.44 ($ 3.13) of January-December 2021, thus establishing the highest-ever average for a calendar year in rupees. In dollar terms the average of $ 4.11 recorded in the year 2017 remains the highest.

Forbes and Walker said high growns for the period January-December 2022 of Rs. 1,093.10 ($ 3.40) have shown an increase of Rs. 505.97 vis-à-vis Rs. 587.13 ($ 2.98) during January-December 2021. medium growns averaging Rs. 1,030.82 ($ 3.20) have shown an increase of Rs. 480.02 vis-à-vis Rs. 550.80 ($ 2.80) January-December 2021.

Meanwhile, low growns totalling Rs. 1,339.86 ($ 4.16) for January-December 2022 have shown the highest increase of Rs. 695.63 vis-à-vis Rs. 644.23 ($ 3.27) during January-December 2021.

Cumulative averages show an increase for all elevations in dollar terms as well compared to the corresponding period of 2021, with the Sri Lankan rupee depreciating further in 2022 coupled with low crops experienced during the year. When analysing the cumulative average in dollar terms, January-December 2022 average of $ 3.83, records an increase of $ 0.70 vis-à-vis $ 3.13 of January-December 2021.

It is noteworthy that when compared against the January-December 2017 average of $ 4.11 (Highest Ever), the 2021 average of $ 3.83 shows a decrease of $ 0.28.

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