Sri Lanka November tea exports slump 22-pct
Dec 16, 2016 09:25 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka’s tea exports in November 2016 fell 22% to 20.4 million kilos from a year ago, the lowest month since 1998 when shipments fell because of the Russian rouble crisis, brokers said.
“The November quantity is also the lowest shipped in any month this year,” Asia Siyaka Commodities said in a report.
However, they said the Sri Lanka rupee value of exports have fared comparatively better with earnings of Rs. 14.9 billion, down 3% on previous year’s figure of 15.4 million kilos.
Exports for the January – November 2016 period at 266.1 million kilos was 5% lower on last year’s quantity of 281.5 million kilos.
“Consequent to much stronger auction prices and depreciation of the rupee during 2H 2016, total value of exports have risen to Rs. 168.4 billion against Rs. 166.9 billion a year ago,” Asia Siyaka Commodities said.
The approximate US dollar value of shipments for the period January – November 2016 was $1.158 billion compared with $1.235 billion a year ago.
The highest ever eleven month figure was $1.499 billion achieved in 2013, the brokers said.
“We project the final figure for 2016 to be less than last year’s dollar earnings of $1.3 billion. Peak US dollar earnings were $1.638 billion in 2014.”
(COLOMBO, Dec 16, 2016)