Bangladesh tea prices fall amid ample supplies

Thursday, 14 July 2016 00:00 - - {{hitsCtrl.values.hits}}

Dhaka (Reuters): Tea prices in Bangladesh fell sharply at the weekly auction on Tuesday as volumes on offer were at their highest level of the season.

Bangladesh tea fetched an average of 215.04 taka ($2.8) per kg at the auction, the 11th of the new marketing season, compared with 243.34 taka in the previous sale.

Buyers were also away with the auction taking place after a gap of two weeks due to Eid al-Fitr holidays, the official said.

About 2.2 million kg were offered at the sole auction centre in Chittagong, of which 11.5% was unsold. In the previous auction, about 7.9% of the two million kg on offer was unsold.

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