Tea prices in Bangladesh were steady at this week's sale after falling over the previous seven weeks, while the amount sold rose, brokers said on Wednesday. The average price of Bangladeshi tea inched down to 142.76 taka ($1.9) per kg on Tuesday against 143.60 taka at the previous weekly auction, said an official at the National Brokers Limited, the largest tea broking firm in the country.
More than 2.23 million kg of tea was offered at the country's only auction centre, in the main port city Chittagong, with 27.38 percent left unsold compared with last week's 41.8 percent unsold when the offer was about 2.27 million kg. "After several weeks of declining demand the sale witnessed an improved tone whereby most of the tea sold well in line with quality," the firm said in its market report. After a long absence, Pakistani buyers took part in the auction and bought tea, a broker said.
The country 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. The next auction will be held on November 15 with an offer of 2.62 million kgs. Different grades were sold between 60 taka and 222 taka per kg at the auction, compared with the previous sale's range from 60 taka to 198 taka.
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