Tea exports dip YoY in August
Source:Dailynews
Tea exports for the month of August 2022 totalled 23.01 M/Kgs, showing a decrease of 2.47 M/Kgs vis-à-vis 25.48 M/Kgs of August 2021. All categories have shown a negative variance compared to August 2021 according to Forbes & Walker Tea Brokers.
January-August 2022 cumulative exports totalled 171.06 M/Kgs, showing a decrease of 16.51 M/Kgs (8.80%) vis-à-vis 187.57 M/Kgs of January-August 2021. All categories have witnessed a decline in comparison with the corresponding period of 2021.
Iraq has remained the No. 1 major importer of Ceylon Tea with an increase of 31% in imports YoY for January-August 2022. Russia has secured second position with a total of 14.98 M/Kgs, which is a 19% decrease against total imports recorded for January-August 2021. UAE sits in third place with a total of 14.78 M/Kgs followed by Türkiye, Iran, Azerbaijan and Libya respectively during the period January-August 2022. A significant decrease in imports is reported from Türkiye (58%), China (20%), Syria (23%), Japan (12%) and Jordon (21%) YoY. A notable increase in imports is recorded from Azerbaijan (7%), Germany (8%), USA (7%), Saudi Arabia (4%) and Poland (15%) YoY as expanding markets for ‘Ceylon Tea.’
FOB value of Rs. 1,951.82 in August 2022 records the highest ever in a calendar month surpassing the previous best of Rs. 1,863.74 recorded in July 2022. The FOB value has seen an increase of Rs. 1,034.62 compared to Rs. 917.20 of August 2021 and in USD terms a gain of 0.82.
