Value Driven

Value added tea exports hit a five year high, moving up to 41 percent of total shipments so far this year.
The record is on account of 17.1 mn kgs of tea shipped to Libiya, a 211 percent increase in volume over 2002.

Exports to the Middle East state was primarily in tea packets.

With total exports at 246 mn kgs by end October tea brokers expect to top the all time record of 294 mn kilos by end 2004.

“Delayed shipments to Iraq will be moving in November and December and in the top up regular shipments to other destinations,” Asia Siyaka Commodity Brokers said on Thursday.

Meanwhile, Russia and CIS remains as prime destination, absorbing 59.2 mn kgs up to October.

Syria ranked in second, importing 24 mn kgs followed by the UAE with 23 mn kgs of tea.

Asia Siyaka say exports to the UAE were hurt by the Iraqi invasion early this year.

Meanwhile, November average prices also hit a record at Rs. 160.91, bettering the previous high of Rs. 160.76 achieved in march 2002.

November average prices for high grown teas at Rs. 160.25 helped top the Rs. 159.26 set in February 1998.

-LBO Newsdesk: LBOEmail@vanguardlanka.comrn