Kenya 2013 tea earnings seen beating 2012 record figure

NAIROBI (Reuters) - Kenya's tea exports earnings, the east African country's top foreign exchange source, are seen rising 4 percent to 116 billion shillings in 2013, the regulatory Tea Board of Kenya said on Monday.

The world's largest exporter of black tea said export earnings rose 3 percent last year to 112 billion shillings from 109.4 billion in 2011 due to a stable foreign exchange rate and favourable global prices.

This was despite a drop in output, which fell 2 percent to 369 million kilograms. Tea production is expected to rise one percent this year, the regulator said.

"There was lower production across major tea-growing countries such as Kenya, Sri Lanka and Malawi. The decline in tea production across the tea-growing countries was on account of weather conditions," Sicily Kariuki, managing director at the Tea Board of Kenya, told a news conference.

The leading buyers were Pakistan, followed by Egypt and the United Kingdom.

Kariuki said the industry was watching events in Egypt, Kenya's second biggest buyer, especially after recent violence, which was likely to affect tea buyers. Egypt issued a state of emergency on Monday.

"Right now we are keeping tabs on what is happening in Egypt ...By all means it a very important market for us. We desire a stable Egypt," she said.

Kariuki said that total earnings, including local sales, rose to 127 billion shillings last year from 123 billion shillings in 2011.

The country exported 347 million kg of tea in 2012 through weekly auctions at its main port of Mombasa versus 345 million kg a year earlier. The average price rose to $3.18 per kg from $2.99 per kg in 2011, Kariuki said.

Tea export earnings outstripped those of remittances, another major source of foreign exchange, which rose 31 percent to a record $1 billion last year.

Source: http://news.yahoo.com/kenya-tea-earnings-seen-4-pct-2013-regulator-070419269--business.html

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