Thursday, 9 October 2014 00:06
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For the first time in 2014, a monthly tea sale average recorded lower than the previous year’s corresponding month’s figure in September.
Ceylon Tea Brokers said the Tea Sale Average (TSA) for the month of September 2014 was Rs. 439.51 per kilo, down by Rs. 36.32 or 7.5% in comparison to a year ago.
“The dip was mainly due to the sharp decline in prices in all elevations in the month of September. The reason was mainly the unrest in most of the Middle East region where the majority of Sri Lankan teas are exported,” a spokesman for Ceylon Tea Brokers told the Daily FT.
He also said Sri Lanka’s biggest tea export destination, Russia, witnessed a depreciation of the ruble, while the unrest in Ukraine as well as economic sanctions hindered exports to that region.
“Therefore, unrest in most of Sri Lanka’s export destinations triggered a decline of prices for the third quarter this year,” the Ceylon Tea Brokers spokesman added.
