Sri Lankan Navy seizes illegal prescription drugs worth Rs 4.5 million

ECONOMYNEXT – Sri Lanka’s tea exports fell 10.91% from a year ago to 22.76 million kilograms in July 2022, although rupee and dollar revenues increased due to currency collapse, according to industry data.

Revenue in U.S. dollars rose 2% to $117.5 million in July from a year ago, according to data from Ceylon Tea Brokers.

Rupee revenue increased by 84% to 42.4 billion rupees from 23 billion rupees the previous year.

The average free onboard price for a kilogram of Ceylon tea had risen to US$5.16 in July 2022 from 4.51 a year ago.

The price of loose tea per kilogram rose to Rs 1,610.35 from Rs 755.62 in the same period last year.

The price of tea in packets increased to Rs 1,740.88 per kilogram from Rs 834.12.

Tea bag prices doubled from Rs 1,676.96 to Rs 3,062.91.

The average price of instant tea in July was Rs 2,821.22 compared to Rs 1,765.47 in 2021.

Green tea prices had risen to Rs 5,168.36 per kilogram in July 2022 from Rs 2,361.62 per kilogram in 2021.

In the seven months to July, tea exports fell 9.5% to 162 million kilograms from 148 million kilograms a year earlier.

In dollars, the total value of exports from January to June is $702 million, down 8.3%.

While in terms of rupees, Sri Lanka generated 206 billion rupees for the first seven months of 2022, compared to 150 billion rupees in 2021.

Iraq remained the top buyer, consuming 27.9 million kilograms this year, registering a 35% increase from 20 million kilograms last year.

Sri Lanka’s tea sector has been hit by a fertilizer ban, apparently done to ‘save currency’ due to a soft ankle operation and also under the advice of the Government Doctors Association to increase the longevity of the population. (Colombo/August 21, 2022)

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