Monday, December 4, 2023

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Sri Lanka tea prices dip 18 % from record high on production rebound

By: Staff Writer

Colombo (LNW): Sri Lanka has exported around 158 million kilos of tea so far this year. compared to 251 million kilos of tea in 2022 due to the lagged effect of a fertilizer ban imposed by the previous regime under the ousted President Gotabaya Rajapaksa, industry sources claimed.

Sri Lanka’s tea exports in August saw both incremental growth and some declines compared to the previous years. The export volumes increased marginally, whilst value dipped tea traders added.

Forbes & Walker Research said tea exports in August 2023 reached a total of 23.33 million kilograms, marking a steady increase of 0.33 million kilograms compared to August 2022.

Interestingly, instant tea and green tea stood as exceptions, demonstrating growth, while all other categories experienced declines in comparison to the corresponding month in 2022.

The Free on Board (FOB) value for August 2023 was recorded at Rs. 1,648.85, reflecting a noteworthy decrease of Rs. 302.97 compared to August 2022’s Rs. 1,951.82. This decrease is apparent across all main categories when denominated in US dollars, a trend that is highlighted in the accompanying table.

The cumulative exports for the period spanning January to August 2023 totalled 158.32 million kilograms.

This figure represents a decline of 12.74 million kilograms in contrast to the 171.06 million kilograms recorded in the same period of 2022.

The categories of tea in bulk and packeted tea continued to exhibit negative variances, while the remaining product categories experienced marginal increases.

During the first eight months, the FOB value stood at Rs. 1,801.24, showcasing an encouraging increase of Rs. 330.70 when compared to the Rs. 1,470.54 recorded in the corresponding period of 2022.

Iraq secured the top position in August 2023, importing a total of 14.73 million kilograms of tea.

Türkiye followed closely in second place with 13.33 million kilograms. Russia claimed the third position, displaying an impressive growth rate of over 14% compared to the previous year.

The U.A.E (7.49 million kilograms) and China (5.77 million kilograms) secured the fourth and fifth spots, respectively. Noteworthy importers also included Azerbaijan, Libya, Saudi Arabia, Syria, and Germany.

Meanwhile the Embassy of Sri Lanka in Iran, in collaboration with the Sri Lanka Tea Board, organised a Ceylon Tea promotion program at the 10th International Exhibition of Drinks, Tea, Coffee and Related Industries. (DRINKTECH-2023) at the Tehran International Fairground held from 7 to 10 September 2023.

During the four-day event, the Sri Lankan Embassy displayed Ceylon tea export products with information on the varieties and quality of Ceylon tea at the Ceylon Tea pavilion, attracting a large number of visitors.

Over 250 exhibitors, with around 15,000 trade representatives were present which attracted over 100,000 visitors.

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