Tea prices in Bangladesh rose sharply for a third straight week on Wednesday, at a weekly auction, due to strong demand for quality varieties while the volume sold fell despite tight supplies, brokers said.
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| Bangladesh Tea Farm |
The average price of Bangladeshi tea jumped to 175.55 taka($2.15) a kg from 171.66 taka a kg in the previous sale, said an official at National Brokers Limited, the country's largest tea broking firm.
Around 1.6 million kg of tea was offered at Bangladesh's only auction centre in the main port city of Chittagong, and 26.71 percent was left unsold.
That compared with 19 percent unsold in the previous auction when the offer was 1.87 million tonnes.
Demand was strong for good varieties but the withdrawals were higher due to a larger weight of poor quality end of season on offer, the official said.
Bangladesh's tax authority has imposed a 25 percent duty on imports of tea to safeguard local industry.
The south Asian country has become a net importer of tea after previously ranking as the world's fifth largest exporter.
Tea exports fell to $3.2 million in the fiscal year ended in June from $5.65 million the previous year, mainly due to growing domestic demand.
Pakistan, the United Arab Emirates and Saudi Arabia are the main importers of Bangladeshi tea.
The next auction will be held on February 28, with nearly 1.6 million kg on offer.
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