Sri Lanka’s tea exports up 15% in Q12024

Ceylon Tea exports in the first quarter of this year had achieved a six year high as per data published by Sri Lanka Customs and analysed by Siyaka Research. It said the country shipped 62 million kg during the period January - March 2024 up 15 per cent on last year's figure of 54 million kg.
 

Due to the steady strengthening of the Sri Lankan rupee against the US dollar and lower auction prices the rupee earnings show only a nominal change with an increase from Rs.36 billion to Rs.38 billion.
 

In USD terms however, the approximate value is $354 million and is 13 per cent more on the 2023 figure of $314 million. This year's dollar earnings are the highest since 2018; however the country exported 68.8 million kg in Q1 of that year compared with 62.3 million kg in 2024.
 

A review of major destinations has Iraq topping the list with a quantity of 8.4 million kg amounting to 14 per cent of all shipments in 2024. The UAE follows with 7 million kg up 56 per cent on last year. Shipments to Russia have grown 14 per cent YOY to 6.4 million kg. Turkey follows but quantities have declined a sharp 40 per cent to 4 million kg. Iran has increased 166 per cent YOY from 1.3 million kg to 3.4 million kg this year. Saudi Arabia has increased 39 per cent YOY 2.5 million kg and is followed by China up 8 per cent to 2.4 million kg. (SD)