Tea export earnings rise to $70.9m in 2015/16 fiscal year

Rwanda’s total tea export revenue increased by 16.25 per cent to $70.9 million during 2015/16 fiscal year compared to $60.8 million the previous year, the National Agricultural Export Board (NAEB) has indicated in a new report. NAEB attributed the increase to the high volume of tea sold in 2015/16 compared to 2014/15 and better prices on international market since March 2015. According to the report, Rwanda exported 24.9 million kilos of green tea over the year. On average, prices increased to about $2.85 per kilo during the 2015/16 fiscal year compared to $2.48 per kilo the previous year. The country has so far exported more than 14.4 million kilos of ‘made tea’ since January of this year alone fetching more than $36.2 million. Over 26.3 million kilogrammes of ‘made tea’ were produced between July 2015 and June 2016 compared to 25.6 million kilos recorded over a similar period the previous financial year, indicating an increase of 2.46 per cent. Overall, tea prices have continued to rise over the recent months, but are projected to drop on the account of increasing supply. Improving quality To further enhance the beverage quality, NAEB drafted a new tea leaf handling model along the value chain and to make the sector more competitive. The agricultural exports agency is also looking to find new markets for Rwanda’s tea to increase tea exports. UK buys 21.46 per cent of Rwanda’s total tea exports, 21.16 per cent goes to Pakistan, 16 per cent to Egypt, 15.6 per cent to Yemen and 10.6 per cent to Somalia. Rwanda’s total export revenue dropped by 6.8 per cent last year to $558.8 million from $599.8 million in 2014. editorial@newtimes.co.rw

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Tea export earnings rise to $70.9m in 2015/16 fiscal year