- May total export volume is DOWN 5.7% year on year
- GREEN tea accounted for 86.2% of total export volume.
- Average prices are DOWN 15.1% over the previous May to $5.44/kg
- Exports of GREEN tea volume DECREASED 6.2% over May 2021
- Exports of BLACK tea volume DECREASED 5.7% over the same time last year
- Average price for May GLOBAL imports was $4.28/kg, UP 12.1% over the previous May
- Average price for May CHINA imports was $3.50/kg, DOWN 20.1% over May 2021
- 44% of all GREEN tea import (volume) was from China, but only 16% of VALUE
- 46.2% of the month’s US ORGANIC tea import volume was from China
Note May’s significant spike in US black tea imports from China. This increase was mainly seen in black teas under HS code 090240. China’s 166% increase over the previous May in these teas coincide with 090240 dips in imports from other black tea producers Kenya (65% decrease), Sri Lanka (52%), and Vietnam (22%). Watch for this trend to potentially continue as:
- Kenya is experiencing varying degrees of drought, thereby diminishing its black tea production
- The Sri Lankan government declaring bankruptcy, along with widespread economic collapse within the country
On the other hand, India and Kenya reported significant reductions in tea exports to Russia in March and April. It is unclear as what will become of any potential surplus in the market. At the same time, Pakistan is calling on its citizens to drink less tea in an attempt to reduce inflation and currency depreciation.