Bangladesh tea price climbs on strong demand

Tea prices in Bangladesh climbed
7.3 percent at a weekly auction on Wednesday on strong demand
from local buyers, brokers said.
The average price of Bangladeshi tea rose to 258.70 taka
($3.2) a kg against 241.08 taka per kg the previous week, an
official at the country’s largest tea broking firm, National
Brokers Limited, said.
Nearly 1.9 million kg of tea were offered at Bangladesh’s
sole auction centre in Chittagong, with 1.75 percent unsold,
compared with 2.61 percent unsold in the previous auction when
more than 2 million kg was offered.
Around 2 million kg will be offered at the next auction on
Jan. 1.
Tea sold at the Chittagong auction is mostly bought by
domestic buyers.
Bangladesh’s tax authority imposed a 25 percent duty on tea
imports in January to safeguard the local industry.
The south Asian country produces 60 million kg of tea a year
against demand of 56 million. Tea consumption there is rising by
4.5 percent annually, in line with steady economic growth.

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