Top Kenyan tea prices rise

The average price of Kenya's top grade tea rose for a third week running to reach $3.50 per kg at auction, from $3.40 a week earlier, brokers said on Wednesday. Mombasa-based African Tea Brokers (ATB) said in its weekly market report that 18 percent of the 114,537 packages (7.39 million kg) on offer were left unsold.
Kenya is the world's biggest exporter of black tea, whose proceeds are also the country's top foreign exchange earner. East Africa's largest economy raked in $1.16 billion last year from tea sales abroad. "Pakistan Packers were dominant, while Yemen and other Middle Eastern countries lent strong support with more activity from Afghanistan and Bazaar," the brokerage said. "There was less interest from Egypt Packers and Iran was quiet." Best BP1s sold for $3.90-$3.10 per kg, compared with $3.80-$3.00 at last week's sale. Best Pekoe Fanning Ones fetched $3.30-$2.97 per kg compared with $3.40-$2.94 per the previous week, ATB said.