Tea exports down 18.7% YoY in March

Sri Lanka’s total quantity of tea exports – including re-exports of imported tea – plunged 18.7% year-on-year (YoY) down to 25.2 Mn/kgs during the month of March.
Similarly, export earnings from tea exports also recorded a corresponding decline to Rs. 15.1 billion, amounting to a 25.7% YoY decline as a result of reduced quantities of sales in combination with a decline in the FOB price per kilogram from Rs. 655.5 down to Rs. 598.6 per kilogram.
Turkey continued to hold its position as the largest export destination for Sri Lankan tea exports with 9.1 Mn/kgs being exported from January to March, posting a minor 0.77% YoY reduction in exports. Russia, Iraq and the United Arab Emirates (UAE) were the next largest export destinations with 8.45 Mn/kgs, 7.1 Mn/kgs and 6.9 Mn/kgs respectively during the same period.
Notably, Russian exports posted a 2.71% YoY reduction from January to March while Iranian exports declined by 1.28% YoY.
The largest percentage increase in tea exports was recorded by the UAE which posted a 3.08% YoY growth followed by Iraq which saw exports of Sri Lankan tea increase by 2.38% YoY. Exports to India also recorded a noteworthy 1.21% YoY increase to reach 1.37 Mn/kgs during the same period.