Customs data analyzed by Siyaka Research confirm that Sri Lanka earned US$ 1.002 billion during the period January - August 2017, up a sharp 20% on last year’s earnings of US$ 834 million.
The highest US dollar amount earned from exports for the eight month period was US$ 1.092 billion achieved in 2014.
Interestingly, the country exported 214.6 Mnkg during January – August 2014, while this year’s export quantities are at an eight year low of 190.1 Mnkg. In 2016, even with the poor weather conditions, Sri Lanka shipped 197.3 Mnkg of tea.
Destination wise the trend is similar with Russia and CIS dominating Sri Lanka’s tea exports, absorbing 35.8 Mnkg in January – August 2017.
Turkey, whilst growing as a transit point is next best with 23.7 Mnkg, followed by Iraq at 21.1 Mnkg. Iran follows with 17.8 Mnkg, UAE at 10.9 Mnkg and Libya, 8.7 Mnkg. China increased its purchases and recorded 6.1 Mnkg compared to 4.9 Mnkg for the same period last year, an increase of 24% YoY 2016.
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