Sri Lanka 1Q24 tea exports dollar earnings at six year high

A review of data published by Sri Lanka Customs analyzed by Siyaka Research confirms that the country shipped 62 Mnkg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg. 

Due to steady strengthening of the Sri Lankan Rupee against US$ YoY and lower auction prices, Rupee earnings show only a nominal change with an increase from Rs. 36 bln to Rs. 38 bln. 

In USD however, the approximate value is $ 354 Mn is 13% more on the 2023 figure of $ 314 Mn. 

This year’s Dollar earnings are the highest since 2018; however the country exported 68.8 Mnkg  in Q1 of that year compared with  62.3 Mnkg in 2024.

A review of major destinations has Iraq topping the list with a quantity of 8.4 Mnkg amounting to 14% of all shipments in 2024. The UAE follows with 7 Mnkg up 56% on last year. Shipments to Russia have grown 14% YoY 6.4 Mnkg.

 Turkey follows but quantities have declined a sharp 40% to 4 Mnkg. Iran has increased 166% YoY from 1.3 Mnkg to 3.4 Mnkg this year. 

Saudi Arabia has increased 39% YoY 2.5 Mnkg and is followed by China up 8% to 2.4 Mnkg.