Sri Lankaâ€™s tea exports up but dollar earnings down
ECONOMYNEXT – Sri Lanka’s tea export shipments rose in the first two months of 2019 but earnings in US dollars were lower than 2018, brokers said.
Asia Siyaka Commodities said tea export earnings in the January-February 2019 period fell to about 222 million US dollars from 230 million dollars the year before.
“This makes the approximate FOB (free on board) dollar value of 4.70 this year 16 percent lower than last year’s high of 5.44 dollars a kilo,” they said.
But thanks to the rupee depreciation of 16 percent in the year to February, the country’s earnings in rupee terms rose to 39.9 billion rupees from 35.5 billion a year ago.
(COLOMBO, April 03, 2019-SB)