SL tea exports fall by 10% in 1H 2023

Ceylon Tea exports have dropped by 10 per cent in the 1H of this year compared to the same period last year.
 

Customs data analysed by Asia Siyaka Research confirms that Sri Lanka tea exports for the period January - June 2023 have declined 10 per cent to 112 million kg compared to 125 million kg the year before.
 

A study of the pattern of exports monthly shows that in the five of six months quantities have been lower than last year.
Rupee earnings have risen sharply to Rs.209 billion from Rs.164 billion last year. The rupee commenced depreciating against the dollar in March 2022 when it dropped sharply from 200-255 and kept sliding to peak at 363 in October.
Dollar earnings also recorded an increase of 10.4 per cent compared to last year from US$637 million compared with $577 million.
This converts to an approximate FOB of $5.68 per kg compared to $4.61 a year ago. This is the highest dollar FOB figure in more than 25 years.
 

Value added exports remained unchanged at 57 per cent of the total. Tea bag shipments remain steady, but Packet Tea segment declined sharply.
A review of destinations has Iraq topping the list with 14.7 million kg but exports to this destination have declined 37 per cent Year on Year compared to 23.5 million kg exported in 1H last year. Exports to and through Turkey have risen 89 per cent from 7 million kg to 13 million kg. After an extended period of decline, exports to Russia have increased to 12.3 million kg from 10.1 million kg a year ago. The UAE stood at 7.4 million kg though down on last year with China holding steady at 5.7 million kg. (SD)