August tea exports contract 5.3% YoY

The tea exports for the month of August 2024 contracted 5.3 percent year-on-year (YoY), totalling 22.09 million kilogrammes.
The provisional data released by Sri Lanka Customs showed that tea in bulk and packeted tea showed negative variances, whilst tea bags recorded a marginal gain in comparison with the corresponding month of the previous year. 
The FOB value in August 2024 was recorded at Rs.1,776.66, an increase of Rs.127.81 YoY, compared to Rs.1,648.85 of August 2023.
The January-August 2024 cumulative exports expanded 2.6 percent YoY to 162.56 million kilogrammes. Tea packets recorded a negative variance, whilst all the other categories showed positive variances against the same period of the previous year. 
The FOB value for the period stood at Rs.1,772.16, a decrease of Rs.29.08 (increase of US $ 0.34) vis-à-vis Rs.1,801.24 of January-August 2023. 
All categories except for tea in bulk showed negative variances in the Sri Lankan rupee terms in the FOB value, whilst gains were recorded in US dollar terms when compared to the corresponding period in 2023   
Iraq continued to rank as the largest importer of Ceylon Tea, with a total of 21.19 million kilogrammes, a marginal decline of 4 percent YoY in January-August 2024.
Russia was placed second, witnessing an import increase of 3 percent YoY, with 16.51 million kilogrammes, whereas the UAE ranked as the third largest importer of Ceylon Tea, showing a 35 percent increase YoY.