ECONOMYNEXT – The slump in Sri Lankan tea prices continued in August this year with the monthly auction average price falling for the seventh straight month, although there has been some recovery in prices of seasonal teas, brokers said.
The national tea sale average dropped for the seventh consecutive month this year from a high of Rs.640.05 a kilo in January to Rs.534.02 in August 2018, down 16.6%, Forbes & Walker Tea Brokers said.
The auction average for August 2018 of Rs.534.02 was a marginal Rs.3.86 a kilo lower than the average in July but a significant decrease of Rs.72.84 or 12% from the August 2017 average of Rs.606.86, they said.
The auction average prices of tea produced in all three elevations – high, low and medium - were lower this August compared with the same month in 2017.
But prices of some seasonal teas have recovered at the weekly auctions.
Forbes & Walker Tea Brokers said the monthly auction average price of low grown teas, which make up the bulk of the crop, fell Rs.91.47 or 14.6% to Rs.536.30 in August 2018 from a year ago.
(COLOMBO, 12 September, 2018)