October tea exports down in volume and value

Wednesday, 23 November 2016 01:07 - - {{hitsCtrl.values.hits}}

Tea exports continued to decline in October 2016 with figures hitting 22.9 million kgs, down from 29 million kgs during the same period last year, tea brokers reported yesterday.

Analysing the Customs data for Sri Lanka Tea Exports, Asia Siyaka Research pointed out that exports from January to October also showed a decline of about 9 million kgs, making up a total of 245.6 million kgs compared to the 255 million kgs in 2015. “On a sectoral analysis of all categories of exports are lower compared to last year for the month with only the export of tea bags is still higher at 19.6 million kgs as against 18.5 million kgs between January to October 2015.”

In value terms, Rs. 15.8 b worth of exports reduced by about Rs. 936 m when compared to the 2015 earnings of Rs. 16.8 b.

In US dollar terms, the country generated about $ 108 m of foreign exchange in October this year compared to $ 119 m in October 2015.

Cumulatively up to October 2016, the value of tea exports is about Rs. 153.4 b compared to Rs. 151.5 b earned during the same period last year. In US dollar terms, the position is reversed with about $ 1.58 m generated so far this year, compared to $ 1.26 m last year.

“Russia/CIS, even though importing less in October 2016, remain our number one destination. The 45.9 million kgs exported from January to October 2016 is lower than the January to October 2015 figure of 47.9 million kgs.”

Iraq and Iran at number two and three have imported higher volumes of Ceylon Tea. Iraq’s import of 29.3 million kg is higher by about 4 million kgs in the same period last year. Iran imported 28.8 million kgs compared to 22.8 million kgs from January to October 2015, a gain of about 6 million kgs. Turkey, though 6.8 million kgs lower, is Sri Lanka’s number four destination importing 22.6 million kgs against 29.4 million kgs last year. U.A.E. also imported 16.5 million kgs against last year’s 19.9 million kgs. Syria and Libya occupied the next two spots with 9.9 against 8.9 million kgs, and 9.1 million ksg against 8.2 million kgs respectively.