Business
Tea production plummets; prices remain high
By Steve A. Morrell
Asia Siyaka (AS) tea market report for sale no. 21, covering the period May 31- June 1, indicates a production drop of nearly 10 million kilos compared to 2021.
Results for the year up to the above dates, the report said, was 111.5 million kilos. Comparatively, for the same period in 2021, production recorded was 122.25 million kilos, indicating a minus variant for the comparative period of about 10 million kilos.
The formalized plantation sector was not on hand to corroborate these results. However, tea smallholders and private tea factory owners, when contacted, confirmed a drop in production. It should also be noted that tea smallholders are responsible for 75 per cent tea production.
Among the major factors that accounted for these results was the ill- advised decision by the current administration to ban imported fertilizer and the lack of weedicides. The above sources said fertilizer when available could not be applied because of the noxious weed growth. Additionally, as disclosed by the plantation sector, the lack of workers was also beginning to tell, because youngsters, both men and women, sought employment in urban locations.
Smallholders said, previously, each field on estates or holdings was harvested on 7- day plucking round, thereby ensuring high standards of leaf harvested. However, because of the lack of workers, harvests were done once in 14 days, thus bringing down leaf standards.
Irrespective of these debilitating influences, brokers’ reports said prices remained high.
Forbes and Walker confirmed these results. They said Western BOP’s (Broken Orange Pekoe, the marketed leaf size), sold at Rs. 50 to Rs. 100 per kilo, recording comparative gains, same as the BOPF grade (Fannings). They also confirmed teas from Nuwara Eliya were substantially more expensive.
Irrespective of leaf standards both brokers’ reports confirmed prices did not dip.
The Ukraine factor was featured in the AS market report as well. It said Russia invading Ukraine meant that the tea industry was ‘back in a heap of trouble’. For tea, the two factors that count are fuel and fertilizer. Oil price increases are causing tea factories to stop manufacturing. The end result is that smallholder leaf is not produced, resulting in the relevant group of workers being deprived of their livelihood.
There are about 400,000 tea smallholders who are affected by fuel restrictions. Besides, the power cuts for a number of hours each day seriously affect manufacturing processes and factories are unable to cope with the influx of green leaf.
Russia and Belarus represent about 25 per cent of the global potash market, and fertilizer rates have already reacted to increased costs. This adds further costs to tea production.
In a further comment the AS report said the tourism sector and foreign remittances are seriously affected, aggravating an already hopeless situation.
From a demand standpoint, the report said Russia consumes an extraordinary amount of tea (140 million kilos) yearly.
However, apart from Russia, Iraq, the UAE, Turkey, Iran and Azerbaijan, are all recorded markets for Ceylon Tea, besides Germany and the US.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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