Global demand for tea, rubber gloves up | Daily News


 

Global demand for tea, rubber gloves up

Increase in global demand for tea amidst a decline in global production (due to lockdown measures) is driving up prices stated SC Securities in their Plantation Sector update.

Between January to July 2020, Sri Lankan tea prices have gone up 6%, while cumulative tea production has declined by 15% YoY to 156.3 million Kg compared to 184.8 million Kg.

COVID 19 is also driving the global demand for rubber gloves. “Sri Lanka being one of the leading rubber glove producers, local demand for rubber is increasing fetching higher prices.”

The import ban on rubber-based products will boost the demand for domestically produced rubber products. Hence higher demand will attract higher prices for locally produced rubber.

The report, however, states that the decision banning new palm oil cultivations would negatively affect the palm oil industry. Sri Lanka’s Palm Oil Industry Association has appealed to reconsider the statement made by the President.


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