Tea prices in Bangladesh eased for the fourth successive weekly auction on Tuesday on weak demand from buyers, brokers said. The average price of Bangladeshi tea edged down to 161.06 taka ($2.14) per kg against 169.64 taka at the previous weekly auction, said an official at the National Brokers Limited, the largest tea broking firm in the country.
Nearly 2.3 million kg of tea was offered at the country's only auction center, in the main port city Chittagong. "Offerings were again fairly heavy, although buyers lent fair support, prices dropped quite sharply for all varieties," the broking firm said it in its market report. The next auction will be held on next Tuesday, October 11 with an offer of more than 2.2 million kg.
Bangladesh has become a net importer of tea after previously ranking as the world's fifth-largest exporter. Tea exports fell to $3.20 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 teas. Different grades were sold between 85 taka and 199 taka per kg at the auction.
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