Sri Lanka tea exports down 9.7–pct in August, rupee earnings hit record

ECONOMYNEXT – Sri Lanka tea exports fell 9.7 percent from a year ago to 23 million kilograms in August 2022, but rupee incomes hit a record, Forbes and Walker, a Colombo-based tea brokerage said.

The average rupee value of a kilogram of exported tea also hit 1,951.82 rupees, the highest monthly value, up from 1,863.74 in July, Forbes said.

The dollar value also rose 82 cents to 5.45.

Sri Lanka’s rupee collapsed from 182 to the US dollar to 360 to the US dollar after two years of money printing.

In August bulk tea exports fell 12 percent to 10.8 million kilograms, tea in packets down 8.5 percent to 9.6 million kilograms and tea in bags fell 0.52 percent to 1.8 million kilograms.

In the eight months of 2022 Sri Lanka exports fell 8.8 percent to 171.06 million kilograms.

Sri Lanka’s tea sector has been hit by a ban on fertilizer and safe agrochemicals during the administration of President Gotabaya Rajapaksa.

Iraq, Turkey and Russia were the top buyers of Sri Lanka tea.
(Colombo/Sep18/2022)