Tea auction sees highest-ever prices in January

Sri Lanka’s tea industry recorded its highest-ever prices, averaging Rs.704.67 per kg at the Colombo tea auctions during the month of January 2022, Sri Lanka Tea Board said in a brief note.
Previous highest price was recorded in May 2020 averaging Rs.696.31 per kg soon after the successful conversion of the ‘outcry’ tea auction system  into  a sophisticated online auction system.A total quantity of 20.99 million kgs was sold during the month of January realising sales revenue of Rs.14.8 billion. 
Sri Lanka has also achieved its highest FOB price for its tea exports during the year 2021 amounting to Rs.921 per kg realising a total sum of Rs.264 billion export revenue (US$ 1.3 billion) during the year 2021. 

Tea exports continued to fetch higher prices during the first two weeks of February realising Rs.732 per kg and Rs.733 per kg respectively. 
These prices fetched at the factory level are getting trickled down to the smallholders under the reasonable price formula determined in terms of the Tea Control Act No.  51 of 1957 as amended.