Prices of Sri Lankan tea increase in August this year
A report released by Forbes and Walker Tea Brokersrevealed that the price of tea in Sri Lanka sold at auctionduring the month of August 2017 averaged at LKR 606.86 which was an increase from the 2016 average price of LKR 473.78.
Tea prices from all 3 elevations (high-grown, mid-grown and low-grown teas) went up in August with high-grownvarieties recording the highest gains.
“It is relevant to note that these levels clearly indicate a gain in US dollar terms when compared to the corresponding month of 2016,” the report read.
January – August 2017 cumulative average totalled LKR 611.22, up from LKR 434.82 during the same period in 2016 recording a considerable price increase of LKR 176.40 in twelve months.
On a cumulative basis all elevations have shown a gain compared to the corresponding period of 2016, the report added.¹
The complete report reads as follows:
“Monthly Averages – Month of August 2017 – Up Rs.133.08 YOY
Auction average for the month of August 2017 totalled Rs.606.86 vis-à-vis Rs.473.78 of August 2016 showing a substantial gain of Rs.133.08. When analysing the respective elevations High Grown average for August 2017 of Rs.595.04 shows a gain of Rs.157.98 vis-à-vis Rs.437.06 of August 2016 whilst Mediums averaging Rs.533.03 have shown a gain of Rs.117.62 vis-à-vis Rs.415.41 of August 2016. Low-growns too totalling Rs.627.77 have shown a gain of Rs.128.98 vis-à-vis Rs.498.79 of August 2016. It is also relevant to note that these levels clearly indicate a gain in USD terms when compared to the corresponding month of 2016.
January – August 2017 cumulative average totalled Rs.611.22 vis-à-vis Rs.434.82 of January – August 2016 showing a significant gain of Rs.176.40. It is also noteworthy that even on a cumulative basis all elevations have shown a gain compared to the corresponding period of 2016. High Grown average for the period January – August 2017 of Rs.585.69 show a gain of 161.94 vis-à-vis Rs.423.75 of January – August 2016. Similarly Mediums totalling Rs.561.79 have recorded a gain of Rs.167.29 against Rs.394.50 of January – August 2016. Low-growns too totalling Rs.632.84 have recorded a gain of Rs.183.83 vis-à-vis Rs.449.01 of January – August 2016. Here again these price levels records a fairly substantial gain in USD terms compared to the corresponding period of 2016. Further these levels also show a gain when compared to 2015 levels both in SLR/USD terms.”
Increase in the price of tea bodes well for the plantation sector which faces many hardships. Also the tea industry seems poised to once again reach great heights in the global tea industry.
|Article Code :||VBS/AT/11092017/Z_3|