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Tea industry overview – First quarter 2025 28 April 2025 01:15 amViews - 0 0 Bookmark BY Ceylon Tea Brokers PLC The Sri Lankan tea industry saw an increase in production and exports but recorded a drop in the national average price for the period from January to March 2025 compared to the same period in 2024. Iraq, Russia and Libya continued with strong demand for Sri Lankan tea and were the top three importers for the period January-March 2025. Macroeconomic factors continued in fundamentally challenging the tea industry framework, with variations in supply and demand, currencies and the political climate in importing countries. For the first quarter of 2025, total production reached 61.78 million kilogrammes (Mn/Kgs), recording an increase of 3.61 Mn/Kgs, from the 58.17 Mn/Kgs recorded in January-March 2024. All three elevations recorded an increase in production when compared to the corresponding period in 2024. In CTCs, the Medium Grown teas recorded an increase whilst the High Grown and Low Grown varieties experienced declines. The Sri Lankan tea industry experienced growth in the first quarter of 2025, with total production increasing by 3.61 Mn/Kgs compared to the same period in 2024. Export volumes also rose during this period, recording an increase of 0.88 Mn/Kgs. The national average tea price for January-March 2025 declined to Rs.1,179.32 (US $ 3.98) per kilogramme, from Rs.1,286.99 (US $ 4.11) during the same period in 2024, representing decreases of -Rs.107.67 in rupee value and -US $ 0.13 in dollar terms. The price variations across elevations showed the Low Grown teas averaging Rs.1,239.35 (US $ 4.18), Medium Growns at Rs.1,040.44 (US $ 3.51) and High Growns at Rs.1,118.77 (US $ 3.78). All three elevations recorded a drop in rupee value. However, in the dollar value, High Grown increased whilst the Medium and Low Grown categories experienced declines. The Low Growns, with the largest market share of 59.80 percent of production, recorded a drop of -Rs.141.32. Meanwhile, the High Grown and Medium Grown categories also saw decreases, falling by -Rs.36.95 and -Rs.82.26, respectively. Sri Lanka tea exports for the period January-March 2025 amo63.21 Mn/Kgs vis-à-vis 62.33 Mn/Kgs recorded for the same period last year (+0.88 Mn/Kgs). The FOB average price per kilogramme for this period stood at Rs.1,738.80 (US $ 5.87) in contrast to Rs.1,779.43 (US $ 5.68), which recorded a decrease in rupee term (Rs.40.63) and an increase in dollar value (+US $ 0.19) when compared to the corresponding period in 2024. The FOB value of tea bags dropped in comparison to the same period in 2024. The total revenue realised for the period January-March 2025 from tea exports was Rs.109.90 billion (US $ 370.92 million), compared with Rs.110.91 billion (US $ 354.18 million) recorded for the period January-March 2024. It’s a drop in rupee term (-Rs.1.01 billion) and increase in dollar value (+US $ 16.74 million) compared to the same period in 2024. The teas in packets and bulk showed a decrease in FOB value. Iraq maintained its position as the leading importer of Sri Lankan tea during the first quarter of 2025, with Russia and Libya following as second and third largest markets, respectively. Exports to Iraq increased by +0.61 Mn/Kgs and Libya saw a significant increase of +4.29 Mn/Kgs. However, shipments to Russia declined by 0.09 Mn/Kgs. Exports to the UAE and Turkey dropped by -2.46 Mn/Kgs and -0.76 Mn/kgs, respectively. Chile rose by +0.9 Mn/Kgs but Iran recorded a decline of -0.68 Mn/Kgs. Exports to China saw an increase of +0.06 Mn/Kgs. Tea imports by country – 2023 Global purchases of imported tea totalled US $ 6.65 billion in 2023. The overall value of tea imported by all buyer countries declined by an average -6.5 percent since 2019, when global tea purchases cost US $ 7.12 billion. Year-over-year, the total dollar cost of imported tea fell by -12.2 percent, compared to US $ 7.58 billion during 2022. In 2023, the five most valuable import markets for tea were Pakistan, the United States of America, United Arab Emirates, Russia and the United Kingdom. Combined, those major importers generated almost a third (31 percent) of the worldwide sales of imported tea. Black tea maintained its dominance at 76.7 percent of imports, while green tea’s share slipped slightly to 23.3 percent. Asia emerged as the largest importing region, with US $ 3.0 billion worth of tea purchases (44.8 percent of global total), followed by Europe (27.5 percent) and Africa (14.4 percent). The remaining imports were distributed across North America (10 percent), Oceania (1.9 percent led by Australia and New Zealand) and Latin America/Caribbean (1.4 percent). This contraction reflects broader market trends and shifting consumer preferences in the global tea trade. (Source: ITC) The world’s major tea producing countries are currently witnessing moderate production levels. The tea prices are expected to be at healthy levels going into the second quarter. -
KRG PM meets French Entrepreneurs and Investors Iraq-Business News * 21st February 2023 in Investment, Iraq Industry & Trade News Kurdistan Region Government (KRG) Prime Minister Masrour Barzani met with a number of entrepreneurs, investors, businessmen and representatives of several French companies at the headquarters of the Mouvement des Enterprises de France (MEDEF) in Paris. In the meeting, the Prime Minister highlighted the general economic situation in the Kurdistan Region and the reforms of the ninth cabinet in terms of diversifying the economy and revenue sources, building a strong economic infrastructure, digitalizing public services and providing necessary facilities for domestic and foreign investors. The Prime Minister encouraged French companies to invest more in the Kurdistan Region, in this regard, the Prime Minister expressed the readiness of all necessary cooperation and coordination of the Kurdistan Region Government. At the end of the meeting, the participants expressed their comments and recommendations towards the development of French investment in the Kurdistan Region and the Prime Minister answered the questions and comments of the participants. (Source: KRG) https://www.iraq-businessnews.com/2023/02/21/krg-pm-meets-french-entrepreneurs-and-investors/-
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Halting the Iraqi Dinar's Volatility Iraq-Business News * 22nd February 2023 in Iraq Banking & Finance News, Iraq Industry & Trade News, Politics By Ahmed Tabaqchali, for the Atlantic Council. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq needs to address the economy's structural imbalances to halt the dinar's volatility A planned implementation of global procedural requirements for cross-border payments by the Central Bank of Iraq (CBI) in mid-November 2022 had a detrimental effect on the volumes of the CBI's daily "Foreign Currency Selling Window," better known as the CBI's US Dollar (USD) auction. The decreased volumes versus the continued high demand for USD led to a supply-demand mismatch and, consequently, to a depreciation of the market price of the Iraqi Dinar (IQD) versus the USD. As a result, it ignited a firestorm of controversy.
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Trade with Iraqi Kurdistan Increases 4th January 2023 in Iraq Industry & Trade News/Iraq Business News Nawzad Sheikh Kamil, Director General of Trade at the Ministry of Trade and Industry, said that the KRG exports in 2022, compared to 2021, increased to 672.767 million dollars and imports increased to 15.403 billion dollars. "In 2022, the Ministry of Trade and Industry issued 5,204 import licenses and 168 export licenses for various agricultural and industrial goods Kurdistan Region." Accorinding to the data last year, 105,126 vehicles were imported into the Kurdistan Region. The main commodities exported by the Kurdistan Region in 2022 are: minerals, pomegranate, tomato paste, tahini, tomato paste, various pastes, chickens, spare parts of broken vehicles. Mardin Abubakr, spokesman for the Ministry of Trade and Industry, said: "During the supervision of the Trade Supervision Directorate in 2022, to protect food security and health of citizens, 448 thousand kilograms of expired goods were destroyed. There were also 1,809 trade violations, resulting in 281 closures and fines of 329.322 million dinars." One of the economic strategies of the ninth cabinet of the Kurdistan Regional Government (KRG) has been to increase exports and increase trade, for this purpose, the attention to the agricultural, industrial and trade sectors will continue. (Source: KRG) https://www.iraq-businessnews.com/2023/01/04/trade-with-iraqi-kurdistan-increases/
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Italy donates EUR 2m for Iraqi Stabilization 8th June 2022 in Construction & Engineering In Iraq, Iraq Industry & Trade News, Politics, Security Italy reaffirms its commitment to Iraq's stabilization with EUR 2 million contribution The Ministry of Foreign Affairs and International Cooperation of Italy, through the Italian Agency for Development Cooperation (AICS), is supporting the United Nations Development Programme (UNDP) with an additional EUR 2 million (approximately US$ 2.26 million) to assist communities affected by the Islamic State of Iraq and the Levant (ISIL). Italy's contribution to UNDP's Funding Facility for Stabilization (FFS), which implements fast-track initiatives in areas liberated from ISIL, has been formalised on the occasion of the first visit to Iraq of the Italian Deputy Minister of Foreign Affairs and International Cooperation, H. E. Marina Sereni. Italy has generously provided more than US$ 20 million, since FFS was set up in 2015 with the objective of returning internally displaced Iraqis to their homes. Deputy Minister Sereni commended the new contribution as a concrete support of the Italian Government for the stabilization process in Iraq in order to guarantee better human conditions to its people, by supporting their urgent needs. A safer Iraq is more than ever a priority of the Italian Cooperation in the country. "Italy's previous support made an invaluable contribution to crucial stabilization projects in the liberated areas and contributed to providing much needed support to more than 6.6 million people," says UNDP Resident Representative Zena Ali Ahmad. "We are grateful for Italy's continuous support to stabilization in Iraq. This additional support will position FFS to meet better the expectations and needs of the people of Iraq and contribute to improved conditions that will allow the remaining displaced Iraqis to return to their communities of origin with dignity," adds Ms Ali Ahmad. With the support of 30 partners and the Government of Iraq, the FFS has completed over 3,100 projects in areas liberated from ISIL. This has facilitated the dignified and safe return of 4.8 million Iraqis, to their communities of origin, where they hope to restart their lives. (Source: UN) Link: https://www.iraq-businessnews.com/2022/06/08/italy-donates-eur-2m-for-iraqi-stabilization/
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New Iranian Ambassador signals 'Changed Approach to Iraq' 14th April 2022 - Iraq Business News From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. New Iranian ambassador signals 'changed approach to Iraq' Iran has appointed Mohammad Kazem Aal-e Sadeq as its new ambassador to Baghdad, ending the 5-year tenure of Iraj Masjedi. Speaking on condition of anonymity, a senior Iranian source has told Amwaj.media that the change is not only routine but bureaucratically overdue, revealing that Masjedi's tenure was meant to finish last year. He added that Tehran had firmly stood behind Masjedi amid pressure for a shift following a series of controversies involving the envoy. However, informed sources in Baghdad have contested this narrative of events, indicating to Amwaj.media that the change is meant to signal "a changed approach to Iraq." Link: https://www.iraq-businessnews.com/2022/04/14/new-iranian-ambassador-signals-changed-approach-to-iraq/
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KRG to Streamline procedure for Company Registration 14th April 2022 - Iraq Business News By John Lee. The Council of Ministers of the Kurdistan Regional Government (KRG) has approved a draft bill concerning company registration. According to a statement from the KRG, the bill aims to streamline and simplify the process of registering new companies, with the aim of reducing bureaucracy and encouraging investment. (Source: KRG) Link: https://www.iraq-businessnews.com/2022/04/14/krg-to-streamline-procedure-for-company-registration/
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