Sri Lanka February tea export prices up, volumes at eight-year low
ECONOMYNEXT – Tea export volumes from Sri Lanka fell 5 percent to 22.4 million kilos in February 2017 from a year ago, the lowest shipments for the month in eight years, but earnings were higher, brokers said.
“The value of exports has risen sharply in February following much higher auction prices and a successful Western quality season,” they said.
The country earned 17.1 billion Rupees in February, “up a healthy 18 percent on the previous year’s figure of 14.5 billion Rupees,” the brokers said in a report. “Cumulative Rupee earnings have more than compensated for the quantity loss and reached 32.4 billion Rupees, up 12 percent on last year’s earnings.”
In US dollar terms too, earnings were higher with the January-February figure reaching 215 million US dollars compared with 200 million US dollars the year before.
Despite improved cumulative export earnings, shipments for January-February 2017 at 42.6 million kilos is down a sharp 11 percent from the year before.
“This is the lowest quantity shipped since 2009,” Asia Siyaka Commodities said.
(COLOMBO, March 24, 2017)