DHAKA: Tea prices in Bangladesh were largely flat at the weekly auction on Tuesday on strong demand for good varieties after a steep drop in prices in the previous auction.
Bangladeshi tea fetched an average of 178.36 taka ($2.50) per kg at the auction, compared with 178.56 taka in the previous sale.
Competition for bright liquoring varieties aided the sale, the National Brokers said in a market report.
About 35.7 percent of the 3 million kg offered at the sole auction centre in Chittagong was unsold.
In the previous auction, about 53 percent of the 3.4 million kg on offer remained unsold.
Bangladesh's tea production in 2016 is expected to have risen to a record 80 million kg from 66 million a year earlier, the commerce minister said this week, output that may be big enough to make imports unnecessary.
From a net exporter, Bangladesh has now become a net importer of tea due to rise in consumption.
Comments
Comments are closed for this article.