Sri Lanka 1H US$ earnings on tea exports up from last year
View(s):Customs data analysed by Asia Siyaka Commodities Brokers confirms that during the period January – June 2021 the country earned US$ 650 million; up 13.8 percent on last year’s figure of $571 million.
This was achieved on a 10 percent increase of quantity shipped this year which rose to 136.9 million compared with 124.1 million kg during January – June last year,
a report issued by Asia Siyaka stated.
This year’s 6-month quantity was boosted by a strong June 26.9 million kg which is at a five year high. The January – June quantity of 136.9 million kg though well above last year is much lower than the 2019 1H figure of 145 million (kg) and 137.5 million the year before.
The last occasion Sri Lanka reached an annual export quantity in excess of 300 million was in 2015 when annual tea exports reached 306.9 million kg. The midway quantity in 2015 was however 151 million kg which is 15 million kg more than this year’s quantity for January – June.
Rupee earnings rose sharply by 20 percent to Rs. 127 billion compared with Rs. 106 billion the year before. This converts to an approximate US$ 650 million, 13.8 percent more than January – June earnings of $571 million last year. In the three years prior to that 1H earnings were $686 (million), 728.9 and 728.4.
Shipments to Turkey topped the destination list at 17 million kg +8 percent on last year’s figure of 15.7 million kg. Iraq followed at 16 million kg showing little change. Russia continued to decline to 13.3 million kg against 14.4 million kg.
Exports through the UAE more than doubled from 3.3 to 10.2 million kg this year. China continued to rise and recorded a 47 percent gain from last year’s high figure of 5 million to 7.4 this year. Iran has declined sharply to 6.3 from 8.9 million kg. Azerbaijan 6.1 million kg, Libya 5.6 million kg and Syria 4.1 million kg were all up YoY 2020. Chile the largest market in South America dropped from 4.6 to 3.5 million kg. Japan showed a welcome increase to 3.1 from 2.9 million kg last year.