Bangladesh tea dips for 4th week on poor grade

Tue Feb 19, 2013 6:30pm IST

DHAKA, Feb 19 (Reuters) - Tea prices in Bangladesh eased in
a fourth straight weekly auction on Tuesday as a larger volume
of end of season low grade leaf dented demand, brokers said.
    The average price of Bangladeshi tea slipped sharply to
233.65 taka ($2.9) per kg against 263.50 taka last week, an
official at National Brokers Limited said.
    Around 1.74 million kg of tea were offered at Bangladesh's 
sole auction centre in Chittagong, with more than 29 percent 
unsold, compared with 1.66 million kg offered with 28 percent 
unsold in the previous auction. 
    Nearly 1.7 million kg will be offered at the next auction on
Feb. 26. Tea sold at the Chittagong auction is mostly bought by 
domestic buyers.   
    Last January, Bangladesh's tax authority imposed a 25  
percent duty on tea imports to safeguard the local industry.  
    The south Asian country produces 60 million kg of tea a year
against demand of 56 million. Tea consumption is rising by 4.5 
percent annually, in line with steady economic growth.

 (Reporting by Ruma Paul; editing by James Jukwey)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Addressing India's Infra Needs

REUTERS SHOWCASE

Climate Change

Climate Change

Climate change to cut South Asia's growth 9 percent by 2100 - ADB.  Full Article 

Ballmer Exits

Ballmer Exits

Ex-CEO Ballmer quits Microsoft board to focus on NBA's Clippers  Full Article 

Brent Prices

Brent Prices

Brent holds near 14-month low on plentiful supply.  Full Article 

A Man's World

A Man's World

Despite lip service, Silicon Valley venture capital still a man’s world.  Full Article 

Needless Spending

Needless Spending

Exclusive - Icahn says Family Dollar wasting over $300 mln in breakup fees .  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage