Sri Lanka’s national tea sales average up year-on-year
Daily FT: The National Tea Sales average in November 2024 in comparison to the November 2023 average of Rs. 1,116.65 ($ 3.42), the total average shows an increase of Rs. 20.57 year-on-year (YoY), whilst gaining 0.50 in dollar terms as well.
Forbes and Walker Tea Brokers said in dollar terms, the November 2024 average of dollar 3.92 records a decrease of $ 0.10 when compared to the October 2024 average of $ 4.02.
However, November 2024 figures have shown a decline to Rs. 1,137.22 ($ 3.92) from Rs. 1,172.15 ($ 4.02) in the previous month.
In terms of elevation-wise averages for November 2024 ─ High Grown average for the month recorded a decrease of Rs. 34.82 and a loss of $ 0.10 month-on-month (MoM), whilst registering an increase of Rs. 88.01 YoY and an increase of $ 0.68.
Medium Grown average for the month decreased by Rs. 27.61 and $ 0.08 MoM, whilst in comparison to the corresponding month last year shows an increase of Rs. 6.32 while gaining $ 0.40 YoY.
Low Grown average for the month recorded a gain of Rs. 41.60 and $ 0.12 MoM, whilst an increase of Rs. 0.79 and gaining $ 0.46 YoY.
Forbes and Walker Tea Brokers said all regions recorded positive variances during the period January-November 2024 in comparison to the corresponding period of 2023 in LKR and USD terms.
The cumulative variance in the first 11 months recorded a positive Rs. 58.06 and $ 0.50 against January-November 2023.
OSL take:
Sri Lanka’s tea industry is on a steady growth path indicating an expansion in the business/investment opportunities in the industry. The country’s tea industry has received much attention given the prominence received by the industry through Sri Lanka’s tourism promotions programme as well. Local tea authorities are also working to ensure Ceylon Tea regains the top slot enjoyed in the global market in the past. All these initiatives have resulted in the upliftment of the country’s tea industry and the many trade agreements as well as trade concessions enjoyed by Sri Lanka with many foreign countries have also helped boost the country’s tea industry. The increasing demand for local tea and tea related products in the global market present many lucrative opportunities. The overall expansion in Sri Lanka’s tea industry has opened up many business/investment opportunities for foreign businesses/investors and given the growing business potential in the industry, the opportunities are highly lucrative. Foreign businesses could also look at forming partnerships or joint ventures with local businesses in the tea industry to expand operations locally and internationally.
Article Code : | VBS/AT/20241212/Z_3 |