Sri Lanka’s Asia Siyaka Commodities record an increase in the country’s tea exports in April 2018 from a year earlier
Sri Lanka’s Asia Siyaka Commodities has reportedly said that the country has shipped 20.8 Mnkg of tea in April 2018, which is a 4% increase from a year earlier improving the first four months figure by 1.3% to 89.7 MnKg.
The country earned a high Rs. 74.1 billion during the four month period in 2018, higher by 7%.
A local media report has quoted Asia Siyaka as stating that this converts to US dollar value of US$ 478 m, which is only second to the 2014 record of US$ 508.7 m and well up on 2017 figure of US$ 458.2 m. Reports state that Russia/CIS have absorbed the highest quantity of 16.9 Mnkg, but lower than the last year’s figure of 17.8 Mnkg. Iraq has imported 11.7 Mnkg against 10 Mnkg during the period January-April 2017 a gain of 17%.
Shipments through Turkey have risen from 9.5 Mnkg to 11.3 Mnkg, +18%.
Reports further noted that exports to Iran however have dropped 13% from 8 Mnkg to 7 Mnkg. Similarly UAE imports have declined from 4.9 Mnkg during January – April 2017 to 4.2 Mnkg this year. The Syrian position has improved to 3.4 Mnkg against 2.2 Mnkg a year before.
The local media report also stated that China’s imports continue to rise with a figure of 3.3 Mnkg, +29% against 2.5 Mnkg the year before. Libyan imports have dropped to 2.2 Mnkg from 3.9 Mnkg the year before. Chile has seen a small negative change to 2.2 Mnkg against 2.4 Mnkg.
However, Germany has recorded 1.8Mnkg and Saudi Arabia 1.7 Mnkg, which is a welcome improvement to the high value market Saudi Arabia with a 44% year on year gain, reports state.
OSL take:
The increase in Sri Lanka’s tea exports in April this year and the overall increase in Sri Lankan exports in the first four months of 2018 indicates the continuous growth recorded by the country’s exports sector. Foreign businesses/investors could look at the growth in Sri Lanka’s exports sector and look at opportunities available to get involved with the country’s exports sector in order to be part of the growing sector.
| Article Code : | VBS/AT/30052018/Z_8 |