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Sri Lanka tea prices, output at new highs

Dec 10, 2010 11:28:52 AM - itnnews.lk

Sri Lanka’s tea production is expected to hit a new high this year, exceeding 320 million kilos despite recent shortfalls owing to bad weather.

Prices are also remain at record levels. The average tea price at the Colombo auctions up to end-November of 369.38 rupees a kilo was the highest ever, and almost 10 rupees or 2.75 percent above that of the same period last year. Brokers say they could expect to see Sri Lankan tea sale averages in 2010 achieving an all-time high compared to the previous best of 360.45 rupees in 2009. Given the excellent crop in the first ten months, the yearly production at the end of December is estimated to reflect an all-time record in excess of 320 million kilos.

The brokers said that prices of low grown teas, which make up more than half the crop, continue to stay high for the time of year. According to the brokers, there was excellent demand” from Russia, Iran and Iraq, while Dubai, Syria, Jordon, Saudi Arabia and other Middle Eastern countries also lent useful support.