Sri Lanka Tea export revenue from January to December 2024 increased to Rs.433.47 billion (USD 1.43 Bn) compared with Rs.428.29 Bn (USD 1.31 Bn) recorded for the period January to December 2023.
It’s an increase in rupee terms (+Rs. 5.18 Bn) and Dollar value (+USD 127.15 Mn) compared to the same period in 2023. Teas in packets showed a decrease in FOB Value whilst Teas in bulk recorded an increase. The FOB value of Tea Bags has dropped in comparison to the same period in 2023.
Sri Lanka Tea Exports for the period January to December 2024 amounted to 245.79 Mn/Kgs vis-à-vis 241.91 Mn/Kgs recorded for the same period last year (+3.88 Mn/Kgs). The FOB average price per kilo for this period stood at Rs. 1,763.61 (USD 5.84) in contrast to Rs. 1,770.44 (USD 5.41), which shows a decrease in the Rupee term (-Rs.6.83) and an increase in Dollar value (+USD 0.43) when compared to the corresponding period in 2023. Iraq emerged as the top importer of Sri Lankan tea for January – December 2024, followed by Russia and the U.A.E. In terms of the USD equivalent, export earnings amounted to USD 1.43 Bn in 2024 compared to USD 1.31 Bn in 2023, USD 1.27 Bn in 2022 and USD 1.32 Bn in 2021.
Meanwhile Sri Lankan tea industry also experienced an increase in Production, Exports and the National Average for the period January to December 2024 compared to the corresponding period in 2023, Tea Brokers PLC said. Iraq, Russia and U.A.E continued with strong demand for Sri Lankan tea and were the top 03 importers for the period January to December 2024.
Macro-economic factors continued in fundamentally challenging the tea industry framework, with variations in supply and demand, currencies, and the political climate in importing countries. Macro-economic factors continued in fundamentally challenging the tea industry framework, with variations in supply and demand, currencies, and the political climate in importing countries.
Meanwhile, globally the largest tea producing country China continues to dominate global tea production, recording a consistent upward trend from 2019 to 2023 with production rising steadily each year, reaching 3,339.48 in 2023. The second-largest tea producing country India’s tea production has remained stable over the five years, with minor fluctuations. Kenya’s tea production has shown moderate variations over the years, with a significant increase in 2020 to 569.54 Mn/Kgs from 458.85 Mn/Kgs in 2019. Pakistan consistently remains one of the largest tea importers, with only slight fluctuations in its import volume over the five-year period while Russia is the second largest tea importing country yet has experienced a steady decline in tea imports over the years.
Kenya leads the global tea export market, consistently surpassing other countries in terms of volume.
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