Sri Lanka

Sri Lanka earned a record US$1.23 billion from tea exports in 2008, up from the US$1.02 billion earned in 2007, according to a statement from the Sri Lanka Tea Board.

"We benefited from the global commodity boom, which saw our teas fetch some of the highest prices, till early September," Tea Board chairman Lalith Hettiarachchi said.

Colombo’s tea auctions saw prices as high US$4.26/kg between January and September before falling to around US$2.20/kg as the global economic crisis bit.

Lower oil prices and unfavorable foreign exchange rates, particularly for key Russian buyers, saw Sri Lankan tea prices collapse in the fourth quarter of 2008.