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Tea prices up in Bangladesh for seven straight weeks as winter sets in

Tea prices up in Bangladesh for seven straight weeks as winter sets in

DHAKA: The increasing demand of tea in the winter season raised its price for the seventh straight week at the weekly auction on here the other day.

Bangladeshi tea fetched an average 192.96 taka ($2.4) per kg compared with 192.04 taka at the previous sale, said an executive with National Brokers Ltd. The price for last week’s auction was revised from 192.15 taka.

About 2.3 million kg was offered at the auction centre in Chittagong, of which 17 percent went unsold. In the previous auction, nearly 2.3 million kg was offered, with nearly 15 percent remaining unsold.

Demand was strong from local buyers due to the winter season, boosting prices, the executive said.

Typically, demand for tea rises in Bangladesh during the winter season.

Tea production in Bangladesh rose 1.6 percent in 2013 to a record 63.5 million kg due to favourable weather, but was still short of the domestic consumption of about 65 million kg.

The country has moved from being a net exporter to a net importer of tea due to rising consumption.

In April this year, Bangladesh increased customs duty to 15 percent from 5 percent to discourage imports amid a drop in local prices due to ample supplies.