Sri Lanka’s 10-mth tea export earnings dip marginally

Despite a drop in the volume of Ceylon Tea exports by 10 per cent experienced during January to October 2022 earnings reached approximately US$1.045 billion, marginally lower than 2021.

According to customs data analysed by Siyaka Research it has been stated that Sri Lanka earned approximately $1.045 billion from tea exports during this period marginally lower than last year’s $1.096 billion.

Volumes dropped to 211.6 million kg from last year’s 235.9 million kg for the same period.

But this is said to be the lowest in over 20 years but high FOB of $4.94 per kg compared with $4.64 per kg in 2021.

Volumes dropped due to low production as a result of the inadequate supply of fertiliser and weedicides.

October quantities exported dropped a massive 22 per cent to 19 million kg compared with 24.3 million kg in 2021, but value of exports moved up sharply due to a high FOB per kg of $5.72 compared with $4.50 the year before.

The top five destinations absorbing 47 per cent of all exports were Iraq, Russia, UAE, Turkey and Iran. (Sunimalee)