Bangladesh tea prices fall for second week in a row

Wednesday, 10 July 2013 00:02 - - {{hitsCtrl.values.hits}}

Reuters: Tea prices in Bangladesh fell sharply at a weekly auction on Tuesday for the second week in succession due to low levels of demand from local buyers and sales also dropped despite less plentiful supplies, brokers said. The average price of Bangladeshi tea was lower at 237.21 taka ($3.1) per kg, compared with 255.14 taka at the previous auction, an official at National Brokers Ltd said.

Around 1.2 million kg of tea was offered at the auction in Chittagong, with 30 percent remaining unsold, compared with 1.5 million kg offered and 18 percent unsold at the previous one. The South Asian country produces 60 million kg of tea a year against a demand of 56 million. Tea consumption is rising by 4.5 percent annually, in line with steady economic growth.