Sri Lanka Tea Board Chief confident of ending 2021 on a positive note for tea industry
Sri Lanka Tea Board Chairman Jayampathy Molligoda has reportedly expressed confidence in finishing the local tea industry in 2021 on a positive note.
He has told the Daily FT that targeted production of 300 million kilos and export earnings of US$ 1.4 billion was achievable.
“We are confident that the targets can be achieved despite the challenges,” Molligoda has said.
In 2020, earnings from tea exports had declined by 7.8% to US$ 1.24 billion from US$ 1.34 billion in 2019.
Tea exports in the first half of this year had grown by 14% to US$ 650.5 million, as per provisional data released by Sri Lanka’s Export Development Board (EDB). 2021 performance is still trailing 2019’s figure of US$ 685 million.
Tea production in the first half has grown by 31 million kilograms or 24%, to 161.49 million kilograms – the highest recorded amount in the country’s history.
Given the growth momentum shown by Sri Lanka’s tea exports, the local tea industry is focused on further strengthening the sector. Despite the challenges of the Covid 19 pandemic, Sri Lanka’s tea industry has shown great resilience and continuing to further boost tea exports. The targets set by Sri Lanka Tea Board for this year is further indicative of the strength and growth of the country’s tea industry. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s tea industry. The many trade agreements as well as trade concessions enjoyed by the country further assist Sri Lanka’s tea industry.
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