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Tea prices ‘good’ in 2020 with low growns as biggest contributor to high average

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By Steve A. Morrell

The cumulative average of Rs. 628.21 (US$ 3.42) was the highest average recorded on all teas sold last year, the Forbes and Walker tea market report reported.

With steady increases in net sales averages throughout 2020, culminated in prices realized at the end of the year.

The industry described prices during the year as “good”. However, interestingly, although low growns were the highest contributor to the high average, high and mid growns also recorded substantial averages described as the highest on record. Low growns averaged Rs. 666/32 per kilo.

Brokers attributed the high prices to less tea available all year round with the exception of Kenya, which recorded distinctly positive crop returns.

India’s tea production was badly hit by the Covid-19 just as much as many other South East Asian countries. The disruption in the demand and supply mechanism influenced price increases in Colombo, they said.

The Sri Lanka Tea Board also contributed in positive terms to the high prices though active promotional campaigns. The crop position, 2020 year end, as reported by Asia Siyaka Tea Market Report, was 262.6 million kilos. Comparatively, 2019 recorded 284.3 million kilos, indicating a drop in both production years.

The reasons attributed were extreme dry weather in the first quarter 2020 affected crop intakes. The weather factored cropping patterns and irrespective of some mid-year respite recouping the shortfall could not be realized to ensure crop resurgence.

Irrespective of high prices realized, apart from five Regional Plantation Companies (RPCs) which returned year end profits, there was no positive news from other RPCs.

The smallholder sector continued to record their positive trend contributing some 75 percent to the overall production result. The crop variance year-on-year was 83.6 million kilos.

Commenting on crop intakes that affected the global supply, the Asia Siyaka report further said Kenya’s increased production was 104 million kilos while India’s minus result was 142 million kilos.

A source from the Tea Factory Owners’ Association, who declined identification, said the tea factory sector also contributed to high prices by strictly maintaining manufacturing standards.

John Keells Tea Market report said the demand from Turkey, Iran, Russia, and CIS countries lent fair support. Libya and Iraq too were active in Colombo.

The report further said flowery grades were sold at prices in the range of Rs. 2,800. per kilo.



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Business

Seylan Bank offers amazing discounts for Avurudu

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With Avurudu just around the corner, Seylan Bank PLC is offering amazing discounts to customers purchasing daily essentials, electronics, clothing, gifts, and more. The bank with a heart will celebrate the New Year with “Ratatama Super, Avurudu Offers with Seylan Cards” and “Seylan Tikiri – Season of Gifts and Laughter”.

The bank with a heart, commenced these exciting offers and promotions to provide the best Avurudu experience to its customers young and old, and to reward them for their continued loyalty to the bank, in the spirit of festivity.

“At Seylan Bank, we want to make your Avurudu an unforgettable experience,” said Gamika De Silva, Assistant General Manager, Marketing and Sales at Seylan Bank. “These two promotions underscore our customer-centric approach which focuses on providing products and services that enhance the overall customer experience and convenience, adding value to your experience with the Bank with a Heart.”

The Bank has partnered with leading supermarket chains on selected promotions; with Keells offering 30% off on fresh meat during the weekends, Cargills providing 20% off on total bills during selected weekends, Glomark offering 20% off on the total bill on every Sunday for a limited time, Laugfs Super providing 20% off on a range of goods on every Monday for a limited time, and Premasiri Supermarket offering 20% off on vegetables & 10% off on fruits on every Wednesday & Thursday during the promotion period.

 

 

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SLIM elects new president and EXCO at 51st AGM

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The Sri Lanka Institute of Marketing (SLIM) held its 51st AGM, which saw the induction of its new President Thilanka Abeywardena, who will spearhead the Institute as its 43rd president. This appointment is a milestone in the history of the Institute as Ms. Abeywardena became the first ever female to hold the position of President.

The AGM was held on 7th April, 2021 at Marino Beach Hotel, Colombo. Both a new Council of Management as well as an Executive Committee were appointed during the meeting.

Thilanka currently holds the position of the CMO Lead, South East Asia Emerging Markets at Microsoft Sri Lanka (Pvt) Ltd. and leads marketing and communications across nine Asian countries; Bangladesh, Bhutan, Brunei, Cambodia, Laos, the Maldives, Myanmar, Nepal and Sri Lanka.

The newly appointed Executive Committee comprises ten experienced marketing professionals:

SLIM is the apex body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970.

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OPPO launches Avurudu song to spread seasonal cheer

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OPPO recently launched an Avurudu jingle ahead of the Sinhalese & Tamil New year. Sung by OPPO brand ambassador & The Voice coach Umaria Sinhawamsa, the song also features popular personalities including actor& singer Gayan Gunawardena and choreographer Ramod Malaka& his dance troupe, Cool Steps.

The visual for the song has been shot in a scenic village atmosphere & features a host of New Year traditions of great cultural significance. The video also features the newly launched fan-favorite OPPO F19 Pro which is on offer during the season. On the first day of sales alone, the F19 Pro recorded a 200% increase in sales compared to its predecessor F17 Pro.

CEO of OPPO Sri Lanka Bob Li said: “This project helped us to immerse into Sri Lankan culture better. In keeping with the spirit of the season, evolving & upgrading, OPPO has launched two concurrent promotions: ERABADU WASI from 2-13 April & OPPO SERVICE WASI from 5 – 18 April.”

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