Lanka tea exports down 25% in November 2022

COLOMBO: Sri Lanka’s Ceylon Tea exports were down 25.49 percent in November 2022 from a year earlier to 19.3 million kilograms, but rupee earnings were up 61 percent to 14.6 billion rupees, amid higher prices and rupee depreciation, industry data showed.

November tea exports were valued at 105.6 million US dollars, at an free on board price of 5.48 dollars a kilogram, down from 117.6 million US dollars a year ago, when the FOB price was 4.55 US dollars a kilogram, according to data from Ceylon Tea Brokers.

In the 11 months to November 2022, tea export earnings were 1,166 million US dollars, (5.05 dollars a kilo) down from 1,214 million US dollars last year (4.64 dollars a kilo).

Sri Lanka’s tea export price hit a record 5,72 dollars a kilogram in October (2,077 rupees) and has fallen to 5.48 dollars (1,992 rupees) in November.

Sri Lanka’s rupee collapsed from 200 to 360 to the US dollars after economic bureaucrats printed money for two years and botched a float with a surrender requirements.