Sri Lanka 1Q24 tea exports dollar earnings at six year high

18 April 2024 10:44 pm - 4 - {{hitsCtrl.values.hits}}

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A review of data published by Sri Lanka Customs analyzed by Siyaka Research confirms that the country shipped 62 Mnkg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg.

Due to steady strengthening of the Sri Lankan Rupee against US$ YoY and lower auction prices, Rupee earnings show only a nominal change with an increase from Rs. 36 bln to Rs. 38 bln.

In USD however, the approximate value is $ 354 Mn is 13% more on the 2023 figure of $ 314 Mn.

This year’s Dollar earnings are the highest since 2018; however the country exported 68.8 Mnkg in Q1 of that year compared with 62.3 Mnkg in 2024.

A review of major destinations has Iraq topping the list with a quantity of 8.4 Mnkg amounting to 14% of all shipments in 2024. The UAE follows with 7 Mnkg up 56% on last year. Shipments to Russia have grown 14% YoY 6.4 Mnkg.

Turkey follows but quantities have declined a sharp 40% to 4 Mnkg. Iran has increased 166% YoY from 1.3 Mnkg to 3.4 Mnkg this year.

Saudi Arabia has increased 39% YoY 2.5 Mnkg and is followed by China up 8% to 2.4 Mnkg.

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Comments - 4

Gt Friday, 19 April 2024 01:11 AM

And still the tea estate workers only get paid 500 per day? Enough for 1 packet of food, what about those with families to feed?

down under Friday, 19 April 2024 04:42 AM

if not for Gota's dumb decision to ban fertilizer we would have done much better during the past 2 years too.

Patcitz Friday, 19 April 2024 01:57 PM

These statistics are nothing but a US BULSHIT supporting Ranil to win the Elelction that Ranil will definitely LOSE. Utterly fake and founded LIES. The general public won't believe.

Money Man Friday, 19 April 2024 03:34 PM

While industries typically grow within the value chain, Sri Lankan tea exports have stagnated between $1.5 billion and $2 billion for the past 20 years. This lack of growth, similar to other industries in Sri Lanka, suggests the country is not yet capitalizing on value-added products and services (maybe 2048).

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Sri Lanka 1Q24 tea exports dollar earnings at six year high

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