November tea exports decline by 6.4% YoY

Sri Lanka’s tea exports for November 2024 fell to 20.07 million kilogrammes (M/Kgs), a 6.4 percent decline, from 21.46 M/Kgs in November 2023. 

All categories saw contractions, except for tea packets, which saw a slight increase.

The average free on board (FOB) value for November stood at Rs.1,718.88 per kilogramme, marking a year-on-year (YoY) drop of Rs.6.89, compared to Rs.1,725.77 in November 2023.

Despite the monthly decline, the cumulative exports for January-November 2024 reached 223.22 M/Kgs, up 2.06 M/Kgs, from 221.16 M/Kgs recorded during the same period in 2023. Positive variances were seen in tea in bulk, tea bags and green tea, while the tea packets and instant tea categories saw declines.

The cumulative FOB value for the period was Rs.1,769.93 per kilogramme, a decrease of Rs.2.48 YoY, though reflecting an increase of US $ 0.45, in dollar terms.

The export earnings in rupee terms showed declines in all categories, except for tea in bulk and tea packets.  However, gains were recorded in dollar terms across all categories compared to the corresponding period in 2023.

Iraq retained its position as the largest importer of Ceylon Tea, purchasing 30.37 M/Kgs for January-November 2024. This is a marginal one percent decline, from 30.53 M/Kgs recorded in the same period last year. 

Russia, the second largest buyer, increased imports by 12 percent YoY to 22.88 M/Kgs. 

The United Arab Emirates followed with 19.61 M/Kgs, reflecting a 20 percent increase.