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Thursday, December 2, 2010

Sri Lanka October tea exports hit new high

Dec 02, 2010 (LBO) - Sri Lanka's tea export earnings hit a new high in October 2010 as shipments rose to their highest level in four years amid high prices, brokers said.
"Rupee earnings from exports are at a highest ever 14.5 billion rupees," Asia Siyaka Commodities said in a report.

"In US dollars too the figure of 130.4 million dollars is a highest ever for the month. This figure is also the highest in any month this year and second only to the 142.7 million dollars earned in July 2008."

The brokers said Customs data showed Sri Lanka's tea exports in October 2010 at a four-year high of 29.4 million kilos. The record for the month was 30.6 million kilos shipped in 2005.

The October performance has boosted the 10-month export figure to 259.5 million kilos, the highest-ever for the period and nine percent more than last year's quantity of 239 million kilos.

Sri Lanka exported 271.7 million kilos of tea in 2008 and the record for the January - October period of 272.2 million kilos was in 2006.

Export earnings for the January-October 2010 period came to 1.12 billion US dollars compared with the 963 million dollars in the same period last year and above the previous record of 1.09 billion dollars earned in 2008, Asia Siyaka Commodities said.

Brokers John Keells said prices rose at this week's Colombo auction contrary to expectations, with very strong buying for Russia, and some buying from the UK and Japan as well.

"The markets during the December sales were expected to be quiet, given the balanced supply and demand situation around the world, and as the demand from CIS markets was expected to improve only in January," they said.

"However, what transpired at the Ex Estate sale for High Grown, and Medium grown teas was totally the opposite. There was a frenzy of bidding for both BOP and BOPF grades, with the market improving at all levels.

"Christmas cheer and a festive mood prevailed in the auction room," the brokers said.

Some of the BOP type teas rose by over 50 rupees a kilo. Prices of low grown teas, which make up the bulk of the market, also rose.