Sri Lanka’s tea exports in April 2019 unaffected by Easter Sunday attacks
Tea exports of Sri Lanka for the month of April 2019 has been reportedly recorded at 20.8 Mkg, which is identical when compared to the same period of the previous year, produce broker John Keells Ltd., has stated in their weekly report.
Sri Lanka had harvested a crop of 23.6 Mkg during the month of April – a negative variance of 15.6% when compared to the crop harvested in April 2018. The weekly tea report has stated that the main contributor for the 23.6M kg was from the Low Grown planting districts with 61.6% followed by the High Growns at 22.6% and the Medium Growns at 15.8%. The report has noted that when compared with the 2018 harvest, negative variances have been recorded in all elevations.
The FOB value was Rs. 12.19 above the FOB value of 2018. The cumulative export quantity for the four-month period this year was 94.4 Mkg at an increased FOB value of Rs. 844.14, the report has further state. As a result of a higher export volume of 4.7 Mkg for the year 2019, the to-date value of the Tea Exports have increased by Rs. 5.5 billion when compared to the previous year, has added.
Accordingly, Iraq has emerged as the leading importer of Sri Lankan tea. The other major importers of Sri Lankan tea are Turkey, Russia, Iran and Libya. 1 Mkg of ex-estate teas met with irregularly lower demand. Select best Western High Grown BOPs were mostly easier with only a few selected invoices gaining. The below best and the plainer types were mostly easier.
According to the report, select best Western High Grown BOPFs were easier with the below best and the plainer varieties, too, following a similar trend. Nuwara Eliya BOP/BOPFs were easier with a large volume remaining unsold. Udapussellawa BOPs were easier, whilst the corresponding BOPFs were mostly easier with only a few invoices maintaining last levels. Uva BOPs were substantially easier, the report has added.
OSL take:
Sri Lanka’s tea exports have been recording continuous growth rates. The government of Sri Lanka has also introduced many incentives to the country’s tea sector. The many trade agreements Sri Lanka enjoys with foreign countries as well as trade concessions can also be utilised to further develop Sri Lanka’s tea sector. Foreign businesses/investors could explore business opportunities in Sri Lanka’s tea sector.
| Article Code : | VBS/AT/28052019/Z_1 |