Ceylon Tea exports have moved towards a positive growth trajectory in May, breaking the downward trend witnessed in the first four months of the year.
Provisional data released by the Sri Lanka Tea Board showed that tea exports in May grew marginally by 4.3 percent when compared with the corresponding month of the previous year. May 2023 tea exports totalled 20.55 MnKgs increasing by 0.83 MnKgs from May 2023.
Tea in bulk and tea bags showed marginal growth, while exports of tea packets declined slightly from May 2022.
FOB value in May 2023 too showed positive growth and recorded Rs. 1,755.58. Compared with May 2022, it is an increase of Rs.50.44.
However, cumulative tea exports from January to May 2023 declined by 10.7 percent from a year ago. For the first five months of 2023, tea exports totalled 90.80 MnKgs, whereas in the corresponding period in 2022, exports amounted to 101.72 MnKgs.
Bulk and packet tea continued to show negative variances, while the remaining product categories recorded a marginal increase.
Here again, the FOB value for the period was Rs. 1,941.81, an increase of Rs. 739.75 from Rs. 1,202.06 in January-May 2022.
All tea categories showed gains in US dollar terms as well when compared with the corresponding period of 2022.
Türkiye maintained its position as the largest importer of Ceylon Tea as quantities imported by that country expanded by 84 percent year-on-year in January-May 2023.
Iraq stood at second position having imported 10.43 MnKgs, a 46 percent dip YoY in the first five months
Russia ranked as the third largest importer, with quantities procured from January – May 2023 increasing by 20 percent YoY.
The United Arab Emirates (UAE) ranked fourth, as imports fell 30 percent YoY. China secured the fifth position with imports declining marginally by 1.5 percent YoY. Other notable importers of Ceylon Tea during the period were Azerbaijan, Saudi Arabia, Germany, and Syria. Iran’s import rankings plummeted from 6th to 15th position as imports dropped by 64 percent YoY.
source daily mirror