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)

SAARC Summit

REUTERS SHOWCASE

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

Reuters Poll

Reuters Poll

GDP growth to slow to 5.1 pct, but no rate cut yet  Full Article 

Oil Prices Fall

Oil Prices Fall

Oil at four-year low as OPEC production cut looks unlikely  Full Article 

Hughes Dies

Hughes Dies

Australia batsman Hughes passes away aged 25  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Google in Europe

Google in Europe

Insight - Behind Google's Europe woes, American accents  Full Article 

India-focused Funds

India-focused Funds

India-focused hedge funds up over 40 pct YTD - HFR  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Land Disputes

Land Disputes

Disputes over land for industry on the rise in India, angering locals - charities  Full Article 

Reuters India Mobile

Reuters India Mobile

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