Sri Lanka three cash crop exports gain momentum

Sri Lanka three cash crop exports gain momentum

11 May 2019 07:00 pm

Sri Lanka’s three main export crop exports have got off to a positive start in the first quarter this year although there was a decline in tea production due to trade union actions, Central Bank announced.  

During the first quarter of 2019, domestic tea production reported a decline mainly due to the effect of low auction prices and trade union action.

Production of rubber increased with the support of favourable weather conditions while coconut production increased significantly continuing its growth momentum, CB said.

Sri Lanka Tea Production for the month of March 2019 totalled 28.1 million kgs vis-à-vis 28.6 million kgs of March 2018, showing a marginal deficit of 0.4 million kgs.

When analyzing the January - March 2019 production of 73.1 million kgs, a deficit of 1.1 million kgs is recorded is recorded against the volume of 74.3 million kgs achieved during January - March 2018 period.

Sri Lanka Tea Exports for the month of March 2019 totalled 26.4 million kgs showing a gain of 3 million kgs against the volume of 26.1 million kgs registered for March 2018.

Total revenue realized for March 2019 of Rs. 22.45 billion too has shown a growth of Rs..9 billion in comparison to Rs. 21.56 billion of March 2018

During the period of January-March 2019 total exports of 73.6 million kgs too has shown a growth of 4.8 million kgs when compared with the volume of 68.88 million kgs of January- March 2018.

Similarly the total revenue of Rs. 62.40 billion realized for the period January-March 2019 also show a gain of Rs. 5.34 billion vis-à-vis Rs. 57.06 billion of January-March 2018.

When analyzing the major importers of Sri Lankan tea, Iraq has retained the No. 1 position followed by Turkey & Russia for the period January-March 2019. Meanwhile Iran, Libya, UAE, China & Syria are some of the other noteworthy importers.