Tea exporters renew call to stabilise rupee

The tea exporters urged the government to step up in its efforts towards stabilising the rupee, so that the industry can continue to service the economy at its full potential. 
Tea Exporters Association (TEA) Chairman Ganesh Deivanayagam asserted that the industry is becoming less competitive and is at risk.
“Because of this, the industry is already at a fragile situation. The rupee appreciation puts the exporters in a very challenging situation. 
It can put the industry further at risk and the survival of the smaller manufacturers and smallholders can be quite challenging,” Deivanayagam said.
This issue is raised not only by the tea industry but also the stakeholders across other sectors. 

Earlier this month, along with the TEA, the Exporters Association of Sri Lanka, Joint Apparel Association Forum of Sri Lanka, National Chamber of Exporters and Sri Lanka Association of Manufacturers and Exporters of Rubber Products listed a host of challenges emanating from an overvalued rupee. 
When Mirror Business asked Sri Lanka Tea Board Chairman Niraj de Mel on his take in this regard, he asserted that Sri Lanka should be happy the currency is strengthening.
While acknowledging it is an issue when it comes to front-end prices and impacting exports, he quipped stating no one complained when they were earning profits in the year 2022, the economic crisis year. 
“They (exporters) cry when things are against them but don’t rejoice for everyone to know they are doing well when they are doing well,” he quipped. 
De Mel noted that the exporters should step up efforts in expanding the offering and look at increasing capacity.