By Jithendra Antonio
Sri Lanka’s Tea exports have gained record high levels at Colombo Tea Auction during the first quarter of 2011.
The highest price received was Rs.393.92 per kilogram, according to John Keells Ltd. tea auction report.
“In the first three months of 2011, the prices at the Colombo Auction seemed to be holding up and even increasing over 2010 averages which recorded an All Time high,” the tea auction report stated.
The report further said that for the period from January 1st to end March 2011, the national average of Rs.393.92 was the highest on record for a first quarter of any given year, which exceeded the previous best of Rs.382.90 recorded last year.
The report further noted that world tea prices are expected to remain moderately high in 2011, due to the rise in world tea consumption and sluggish world tea production.
“China and India with their large population and growing income levels will make a contribution to the rise in world tea consumption,” the report further stated.
It further stressed that world’s largest two economies China and India with their increasing populations will contribute to increase local consumption of tea, thereby reducing their exportable surplus. Accordingly, indications of output figures for 2011, suggest a global fall, with Kenya and Sri Lanka not expected to maintain 2010 record levels.
The report further stressed that all major producing countries including India have recorded shortfalls in 2011 to the end February, which could increase demand in 2011. Meanwhile, the report outlined that the latest amended Tea production for Sri Lanka in 2010 as released by the Tea Board is 331.4 Mkgs.
The report figures said that a few good western invoices where the product quality was reasonable and differentiated from the rest, sold in excess of Rs.400/,- supported by special inquiry and airmail bids.
source - www.dailymirror.lk
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