Sri Lanka January tea export earnings slump to six-year low
ECONOMYNEXT – Sri Lanka’s tea exports in January 2016 fell to their lowest level in US dollar terms in six years because of the commodity price slump, brokers said.
Ceylon tea exports fell one percent to 24.1 million kilos in January 2016 from a year ago with earnings down four percent to 14.3 billion rupees, according to data analysed by Asia Siyaka Commodities.
“The US dollar value of exports has dropped sharply by 12 percent year-on-year 2015,” they said.
“Earnings at 99.4 million dollars is the lowest since 2010 when a much lower quantity of 21 million kilos was exported and value of 90 million dollars was achieved.”
Sri Lanka’s tea exports earnings in January 2015 were 113 million dollars.
Asia Siyaka Commodities said the approximate FOB (free on board) value per kilo in January 2016 fell to 4.12 dollars from 4.64 dollars last year and 5.37 dollars in 2014.