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Message: <blockquote data-quote="lkdood" data-source="post: 3514775" data-attributes="member: 92282">Sri Lanka's tea production and exports in October fell after prices crashed although export earnings in the first 10 months have exceeded a billion dollars, brokers said. Tea exports in October had dropped to a four-year low of 25 million kilos while production for the month fell eight percent to 23.9 million kilos from a year ago. Brokers Asia Siyaka Commodities said the October production was the lowest since 2006 and that since 1997 the October crop figure had usually been in excess of 24 million kilos with two exceptions. "Low growns were worst hit by the market collapse and declined most," the brokers said. Low grown teas are made mainly by small farmers in the island's south and account for more than half the national output. They were badly affected when prices at the Colombo auction collapsed and have cut down on plucking while private factories which make black tea with leaf bought from farmers have also reduced output. Asia Siyaka Commodities said production from the low grown elevation at 13.7 million kilos was the lowest since 2002, except for 2006. But production of high grown teas, mainly by listed regional plantations companies, rose 19 percent to 6.4 million kilos in October this year compared with last year. Forbes & Walker Tea Brokers said that total production for the January-October period of 273.8 million kilos, however, showed a gain of 28.35 million kilos compared with last year. They said that while tea exports for the month of October fell, the average export price of.456.17 rupees kilo was up 12 percent compared with the same month last year. However, prices have plunged since October with the global commodities collapse. Exports during the January-October had fallen by 10 million kilos to 268.6 million kilos compared with the same 2007 period, although the average unit price was higher. Brokers Asia Siyaka Commodities said the value of exports however were 11.4 billion rupees, up six percent compared with last year's earnings for the same period. "It is not clear, however, if total proceeds will accrue to the export companies as we understand that many overseas clients have demanded refunds on shipments received and those on the water," the brokers said. Last year, Sri Lanka's total annual tea exports exceeded a billion dollars for the first time. <a href="http://www.lankabusinessonline.com/fullstory.php?nid=1794752816" target="_blank">LBO</a></blockquote>

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