Sri Lankan tea exports up by 4% in FY 2023
Sri Lanka is known for its diverse quality of tea. For the financial year 2022, Sri Lanka was the second largest tea exporter globally after China. According to the Sri Lanka import export data reports, Sri Lanka tea exports amounted to 1.26 billion dollars in FY 2022.
Amid political crisis, lack of fertilizers, the Sri Lankan tea production and exports have declined significantly. Whereas, Sri Lanka's 2021 tea exports were recorded to be 1.34 billion dollars.
There was a decline of 12% as Sri Lanka's tea export shipments were around 250 million kilos while it was 286 million kilos in 2021. Although, there was minimal decline in Sri Lanka's tea exports but the demand for Ceylon tea was stable throughout the year. Our Sri Lanka customs data suggests that the highest ever value recorded for Sri Lanka tea exports were during the financial year 2014.
Sri Lankan tea has a major demand in Iraq which is arguably the leading importer of Sri Lankan tea. According to Sri Lanka export data reports, Iraq has imported over 151 million dollars worth of Sri Lankan tea during the fiscal year 2022. Russia was the second largest market for Sri Lankan tea imports. Last, Russia's tea imports totaled to be 126 million dollars.
Other major import markets for Sri Lankan tea were Turkey, Iran and the United Arab Emirates. Whereas, the demand for Sri Lankan tea is growing across Saudi Arabia, Jordan, Libya, Syria, Japan and Azerbaijan.
On the other hand, Sri Lankan tea imports were quite minimal. As per Sri Lanka import data records, around 21 million dollars worth of tea imports were made by Sri Lanka during FY 2022. India was the leading destination for tea imports by Sri Lanka accounting for over 40% share of the country's total imports during FY 2022. China, Kenya, Rwanda and Japan were the major destinations favoured by Sri Lanka for tea imports.
The latest Sri Lankan market trends suggests that Sri Lanka did a considerable amount of exports during 2023. During this financial year 2023, Sri Lanka has exported over 524 million us dollars worth of tea exports. It was considerably more as compared to the same period. Last year, it was around 458 million dollars.
In May 2023, there was an increase of 4.5%. Sri Lankan tea exports were estimated to be 115 million dollars in May 2023 as compared to 93 million dollars during the same period last year.
During 2023, Turkey emerged as the leading buyer of Sri Lanka Ceylon tea with imports of around 11 million kgs. Iraq and Russia were other two major destinations with imports worth around 10 million and 19 million kilos respectively. This year forecasts for Sri Lanka tea exports are positive. Hopefully, it might regain its top position as the leading tea exporter in the world.
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