Money Markets
By Reuters
In Summary
- Tea Board of Kenya said earnings rose two per cent to Sh114.4 billion ($1.3 billion), while total output jumped 17 per cent to a record 432.4 million kg.
Kenya's tea output and export earnings rose last
year, helped by good weather and by sales to new markets, which
cushioned its sector from a drop in world prices, the industry regulator
said on Thursday.
The Tea Board of Kenya said earnings rose two per
cent to Sh114.4 billion ($1.3 billion), while total output jumped 17 per
cent to a record 432.4 million kg.
Kenya is the world's leading exporter of black
tea, which is also a leading hard currency earner alongside tourism,
remittances and horticulture.
"Owing to good weather conditions that were mostly
experienced in the first half of the year, cumulative production for
the year 2013 was significantly higher," the board said in a statement.
Total export volumes rose to 494.3 million kg,
including sales of stocks carried over from the previous year, when
export volumes were 430.2 million kg, the board said.
The value of exports dropped to $2.68 per kg from $3.09 per kg in 2012 due to a supply glut and disturbances in major markets.
"Kenya tea was exported to seven new markets that
included Vietnam, Philippines, Azerbaijan, South Sudan, Myanmar, South
Korea and the Czech Republic," the board said.
"In addition, recent markets such as Angola as
well as seasonal markets such as Syria, Taiwan and Chad imported higher
volumes compared to the previous years."
Leading buyers for Kenya's tea were Pakistan,
Egypt, Afghanistan, the United Kingdom and the United Arab Emirates,
which together bought 74 per cent of the total exports.
Local tea consumption rose to 26.5 million kg from 22.7 million kg, the board said.
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