Sri Lanka’s tea export earnings has topped US$ 1 billion mark by the end of August 2017, up by 20% from a year earlier, according to tea broker Asia Siyaka Commodities.
Customs data analyzed by Asia Siyaka Research confirms that the country earned $ 1.002 billion during the period from January-August 2017; up a sharp 20% on last year’s earnings of $ 834 million. The highest US dollar earned from exports for the eight-month period was $ 1.092 billion achieved in 2014.
Sri Lanka exported 214.6 million kg (MnKg) during January-August 2014. However, this year’s export quantities are at an eight-year low of 190.1 million kg. In 2016 Sri Lanka even with the poor weather conditions shipped 197.3 million kg.
Destination-wise the trend is similar with Russia/CIS dominating Sri Lanka’s tea exports, absorbing 35.8 Mnkg in January-August 2017.
Turkey, whilst growing as a transit point, is next best with 23.7 Mnkg followed by Iraq at 21.1 Mnkg. Iran follows with 17.8 Mnkg, the UAE with 10.9 Mnkg and Libya with 8.7 Mnkg.
China increased its purchases and recorded 6.1 Mnkg compared to 4.9 Mnkg for the same period last year, an increase of 24% YoY 2016. Japan follows with 5.3 Mnkg compared to a similar figure of 5.1 Mnkg.
Syria and Germany come next with 4.6 Mnkg and 3.9 Mnkg respectively, but their volumes are less than last year. Hong Kong has increased purchases with 3.3 Mnkg compared to 3.1 Mnkg last year.