Please Share your Email if you Wish to Receive the Golden Tips & Tales Newsletter from History of Ceylon Tea Website
ECONOMYNEXT – Sri Lanka’s Ceylon tea production increased by 3.04 percent in February 2023 from a year earlier to 18.7 million kilograms mainly on Medium and Low Growns, slightly recovering from the fall last year due to fertilizer shortages and low rain, reports said.
Sri Lanka’s tea production for January 2023 was 19.14 million kilograms, down from 22.8 million kilograms in 2022.
In February 2023, medium grown tea grew by 7.9 percent to 2.9 million kilograms, and low-grown tea was up 3.16 percent to 11.35 million kilograms, according to industry data published by Forbes and Walkers Tea Brokers.
igh grown tea production was still down by 1.27 percent to 4.1 million kilograms.
The national average tea price in February was 3.97 dollars or 1,438.20 rupees.
Sri Lankan tea has been earning higher prices for tea exports in rupees since the currency was depreciated against the US dollar in March 2022.
However, with the steep appreciation of the rupee since early March 2023, the prices have dropped.
Compared with February 2021, before the currency collapsed, production has fallen by 16.91 percent to 18.7 million kilograms from 22.5 million kilograms.
The production of high, medium, and low growns has also fallen by 7.6 percent, 17.32 percent, and 20.13 percent, respectively.
However, authorities hope that with the ban on fertilizer imports being lifted and the rupee appreciation making fertilizers affordable for the plantations, favorable conditions will arise in the second quarter.
In 2022, Sri Lanka produced 251 million kilograms of tea, and the new target for 2023 is around 272-280 million kilograms, with an expected forex revenue of 1.4 billion US dollars. (Colombo/March 26/2023)
Source: https://economynext.com/sri-lanka-february-ceylon-tea-production-up-3-04-pct-116552/
Comments
(In keeping with the objectives of this website, all COMMENTS must be made in the spirit of contributing to the history of this estate, planter or person i.e. names, dates & anecdotes. Critical evaluations or adverse comments of any sort are not acceptable and will be deleted without notice – read full Comments Policy here)