LNP - Tea exports dip in February

Sri Lanka’s tea exports fell in February, with volumes down 1.91 million kilograms year-on-year (YoY) to 20.40 million kilograms, industry data showed. The decline, driven by lower demand across most tea categories except for packeted tea, pushed the cumulative January-February export volume to 39.77 million kilograms, down 1.30 million kilograms from the same period last year. The Free on Board (FOB) value for February was Rs. 1,737.25, a drop of Rs. 51.91 from a year earlier. However, when measured in U.S. dollars, the FOB value rose by US$ 0.13. For the cumulative January-February period, the FOB value stood at Rs.1,730.34, a decrease of Rs. 40.58, but an increase of US$ 0.25 in dollar terms. Iraq remained the top importer of Ceylon Tea, with a 13 percent year-on-year increase to 5.96 million kilograms in the January-February period. Russia, the second-largest importer, saw a 10 percent decrease to 4.08 million kilograms. Libya recorded a significant surge in imports, rising by 653 percent to 3.63 million kilograms. Other key markets showed mixed results. The United Arab Emirates and Turkey experienced declines of 44 percent and 34 percent respectively, while Chile saw a 26 percent increase. Saudi Arabia and China were tied at 1.59 million kilograms, with Iran experiencing a sharp 55 percent drop.