Sri Lanka’s tea exports for May 2019 shows a gain from the same period last year
Sri Lanka tea exports for the month of May 2019 have reportedly totalled 26.6 M/kgs, which is a gain of 3.5 M/kgs in comparison to 23.07 M/kgs of May 2018.
The local media has reported that all categories of exports (i.e. Tea bags, Packeted tea and Bulk tea) have shown a growth YOY with Packets registering the highest growth. Meanwhile, total revenue for the month of May 2019 of Rs. 22.1 billion too has shown a gain of Rs. 3 billion vis-à-vis Rs. 19.1 billion of 2018. Consequently, the total FOB value of Rs. 832.20 has shown a marginal gain of Rs. 2.94 vis-à-vis Rs. 829.26 of May 2018.
January-May 2019 exports have totalled 121.0 M/kgs vis-à-vis 112.8 M/kgs of January-May 2018, thus showing a gain of 8.2 M/kgs. Tea bags, Packeted tea and bulk tea have shown a growth YOY.
Packeted tea has shown a fairly significant increase over the corresponding period of 2018.
Revenue for the period January-May 2019 of Rs. 101.8 billion has also shown a growth of Rs. 8.5 billion vis-à-vis Rs. 93.3 billion of January-May 2018 resulting in the FOB value of Rs. 841.51 showing a gain of Rs. 14.49 vis-à-vis Rs. 827.02 of January-May 2018.
Iraq has occupied the number 1 position followed by Turkey and Russia. Meanwhile, Iran is placed fourth with Libya too registering a fairly significant increase in imports for the period January-May 2019 compared to the corresponding period. Other noteworthy importers are China, Azerbaijan and UAE. Germany has also shown a fairly substantial increase in imports vis-à-vis January-May 2018, whilst destinations such as Chile have imported less volumes in 2019 vis-à-vis 2018.
OSL take:
The government of Sri Lanka has taken many steps to uplift the country’s tea industry. Authorities have also planned global promotional campaigns to further boos Sri Lankan tea exports in overseas markets. Given the growing trend recorded by Sri Lanka’s tea sector, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s tea sector.
| Article Code : | VBS/AT/01072019/Z_4 |