Sri Lanka’s tea exports predicted to generate USD 1.5 billion revenue in 2024
July 10, 2024 11:10 am
The Tea Research Institute of Sri Lanka predicts that Sri Lanka’s tea exports are expected to generate a revenue of USD 1.5 billion in the year 2024.
Meanwhile, as part of the first stage of a three-phase program to provide fertilizer at a concessionary rate, 10,000 metric tonnes out of the planned 30,000 metric tonnes of fertilizer has been distributed among tea planters so far.
Recently, Minister of Agriculture and Plantation Industries Mahinda Amaraweera convened a progress review meeting of the St. Coombs Estate in Talawakelle and the Tea Research Institute of Sri Lanka.
Addressing the progress review meeting, Minister of Agriculture and Plantation Industries Mahinda Amaraweera revealed that the already cultivated lands of tea estates are sufficient for the development of Sri Lanka’s tea plantation industry.
It was discussed during the meeting that the ban imposed on the import of agrochemicals in 2021 in promotion of organic agriculture, affected the tea plantations resulting in less amounts of fertilizer used on tea plantations in 2022 and 2023.
This resulted in a decrease in tea production, according to the Minister.
However, the current government, through the two state fertilizer providers, is taking measures to provide fertilizers at a concessionary price, he added further.
Additionally, the Minister stated that as such, 50 kilograms of three types of tea fertilizers with a market value of Rs. 14,000, are provided at prices ranging from Rs. 5,500 to Rs. 7,500.
According to the Department of Government Information, the Sri Lanka Tea Board has allocated Rs. 1,200 million to provide the concession for tea plantations. The Government Information Department further added that the distribution of fertilizer for tea plantations is being implemented in 3 stages.
Meanwhile, it has also been discussed to provide fertilizer and also plant tea saplings in vacant areas of land with the aim of increasing the tea harvest in the coming year.
Sri Lanka’s tea industry has generated foreign reserves of USD 1 to 1.2 billion during the last two years.
The island nation exports tea to 150 countries worldwide out of which 20 countries purchase stocks of tea on a large scale.
In the meantime, the Tea Research Institute of Sri Lanka has been able to identify 70 species of tea in high demand globally.
