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ECONOMYNEXT – Sri Lanka’s tea exports fell 22 p.c from a yr earlier to 19 million kilograms, with greenback costs hitting file ranges, however whole earnings are beginning to fall, trade information reveals.
As much as October 211 million had been exported down 24.3 million kilograms or 10.3 p.c from a yr earlier.
The common free on board (FOB) export value in October rose to five.72 US {dollars} a kilo, the best ever up from 4.5 US {dollars} final yr, Ceylon Tea Brokers, a Colombo-based brokerage stated.
In rupee phrases a kilogram of Ceylon Tea hit 2,077.46 rupees with the rupee falling to 360 to the US greenback from 200 after Sri Lanka’s central financial institution printed cash for 2 years and botched a float try with a give up rule, sending the foreign money plunging.
World commodity costs soared in US greenback phrases as its worth declined as a result of cash printing.
Nevertheless, the US Fed is elevating rates of interest and commodity costs are progressively anticipated to return down.
Bulk tea export in October was 8.6 million Kilograms down by 16.2 p.c. Within the first 10 months’ bulk tea exports had been 92.8 million kilograms
Tea in packets exported in October dropped by 30.7 p.c to 7.9 million kilograms. Within the first 10 months, 94.4 million kilograms of tea in packets have been exported.
Tea in luggage dropped by 8.5 p.c to 1.7 million kilograms.
Iraq was the highest purchaser as much as October, taking 38.4 million kilograms.
Russia has secured the second place with a complete of 20.6 million kilograms, which is a 2.03 p.c lower in opposition to whole imports recorded for January-October 2021.
UAE sits in third place with a complete of 18.3 million kilograms adopted by Türkiye, Iran and Libya throughout the interval January-October 2022.
China has bought 9.5 million kilograms adopted by Chile, shopping for 5.9 million kilograms, the tea dealer stated. (Colombo/ Nov 20/2022)
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