Sri Lanka Tea Board records 27.6% jump in tea output - Opportunity Sri Lanka
Sri Lanka Tea Board records 27.6% jump in tea output

Sri Lanka Tea Board records 27.6% jump in tea output

Sri Lanka’s tea output passed the 27.6% mark due to good weather in September and a lower base last year, the Sri Lanka Tea Board has announced.
Production in the first nine months of the year rose 6.2% on the same period last year.
“There is a jump on month on month because last year same month production was affected by the bad weather,” Sri Lanka Tea Board Director-General S.A. Siriwardena has told Reuters.
“The good weather that helped to increase the production (means that) this year we will have a better production than last year.”
Siriwardena has said the country could achieve 305-310 million kilos by the end of the year.
Lower use of fertilisers, weak market prices, bad weather and a Government ban on the use of pesticides resulted in a decline in production last year.
Sri Lanka’s tea output hit a seven-year low in 2016, falling 11.1% in its third straight year of declining production.
Tea export volume dropped to a 14-year low in 2016, broker data showed. Export earnings fell 5.3% to $1.26 billion in 2016 from $1.33 billion in 2015. Sri Lanka recorded its highest earnings of $1.63 billion in 2014.

OSL take:

The increase in Sri Lanka’s tea output could be considered as good news for those interested in Sri Lanka’s tea industry. After hitting a low in production till last year, the increase in output this year is a positive sign and it is an opportune time for investing in the Sri Lankan tea industry.

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Article Code : VBS/AT/23102017/Z_2

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