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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Tea exports drop first two months

Tea exports drop first two months

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1Tea exports drop first two months Empty Tea exports drop first two months Fri Mar 22, 2013 2:40 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Exports of Sri Lankan Tea dipped by 2.97 percent Year-on-Year (YoY) between January and February of this year to 43.9 million kilograms (kg) according to data analyzed by Ceylon Tea Brokers PLC.

In value terms, tea exports reached Rs. 25.9 billion at an average FOB price of Rs. 590.39, against Rs. 24.2 billion at Rs. 520.31 per kg in the previous year, largely accounted for by a weaker rupee subsequent to 2012’s switch over to a floating currency from the Central Bank of Sri Lanka.

During the month of February alone, tea exports reached 21.8 million kg at a price of Rs. 600.23 per kg, against 23.7 million kg at a price of Rs. 520.31 per kg in the previous year.

Russia and Iran remained the two largest exporting destinations. However Russian exports reduced by 0.94 percent YoY between January and February to 7.01 million kg whilst Iranian exports declined by 0.56 percent YoY to 5.73 million kg.

Demand in Turkey, Ceylon Tea’s third-largest export destination recorded improvements as reflected by a 0.92 percent YoY increase, reaching 3.56 million kg however, Syrian and Iranian exports dropped by 0.83 percent YoY to 3.38 million and 0.62 percent YoY to 2.86 million kg respectively.

However, exports to the United Arab Emirates (UAE) increased marginally by 0.28 percent YoY to 2 million kg whilst exports to Kuwait reached 1.79 million kg, a 1.24 percent YoY increase.

Packet tea remained the largest export in terms of quantity and value with 21.5 million kg being exported generating Rs. 11.5 billion in sales, as compared with 22.8 million kg in the previous year.

Tea in bulk accounted for approximately 18 million kg, amounting to Rs. 9.48 billion against 19.1 million kg in the previous year.
http://www.dailymirror.lk/business/economy/27054-tea-exports-drop-first-two-months-.html

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