Sri Lankan tea auction prices fall in 2018 from record high
ECONOMYNEXT – Sri Lankan tea auction average prices fell in 2018 from record highs the year before, including in US dollar terms, brokers said.
The January – December 2018 cumulative average of 581.91 rupees a kilo, was a decrease of 36.23 rupees from the 618.14 rupees in 2017 which was the highest ever average recorded for a calendar year, Forbes & Walker Tea Brokers said.
“Both the month and cumulative averages show a greater decrease in US dollar terms compared to the corresponding period of 2017, with the Sri Lankan rupee depreciating sharply particularly in the last four months of 2018,” they said.
The cumulative average in US dollar terms in January – December 2018 was 3.59 a kilo, down 52 US cents from the 4.11 dollars of January – December 2017.
The average price for low grown teas, which account for the bulk of the crop and are grown mainly by small farmers, fell by 36.61 rupees to 600.79 rupees a kilo for the January – December 2018 period from the year before.