Annual tea revenues up by 17 percent

Rwanda’s tea revenues for the financial year 2009/2010, has ended with an increase in revenues of 17 percent from $48.9million last year to $56 million due to better weather that was experienced. According to Anthony Butera, the Director General of Rwanda tea authority, the general production for the year ended with an increase from 20.5 million kilograms to 22.5 million. “Last year was good in terms of production and revenue to the extent that we surpassed our initial target of $54 million to achieve $56 million,” said Butera. Rwanda has adapted to the East African Community financial year that runs from June of one year to July of the following year. However, Butera said that Rwanda’s tea prices on the international market have sharply fallen from $2.8 at the beginning of the year to $2.1 that it sales currently. The OCIR-THE boss attributes the decline in prices on international market to the border problems between Pakistan and Afghanistan who are the biggest buyers for Rwanda’s tea. OCIR-THE has recently raised the farm gate prices for the farmers from Rwf86 to Rwf96.6 that they earn per kilogram sold. Tea is among the country’s top exports together with coffee and minerals and it exports it to Europe and mostly to Asia. Ends

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Annual tea revenues up by 17 percent