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Winter increases Bangladesh tea prices

Winter increases Bangladesh tea prices

DHAKA: Winter season has brought a worthy rise in tea prices due to a strong demand by customers in Bangladesh marking the fourth week of selling the week of gains

Bangladeshi tea fetched an average 186.52 taka ($2.36) per kg compared with 183.35 taka at the previous sale, said an executive with National Brokers Ltd.

About 2.52 million kg was offered at the auction centre in Chittagong, of which 15 percent went unsold. In the previous auction, nearly 2.47 million kg was offered, with nearly 14 percent remaining unsold.

There was strong demand as local buyers wanted to stock up for the winter season, aiding a pick-up in prices, the executive said.

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

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.