Tea prices steady on good demand in Bangladesh

Tea prices in Bangladesh were steady at weekly auction on Tuesday after edging up at the previous week for the first time in two months, due to good demand from buyers while the amount sold dropped, brokers said, reports Reuters. The average price of Bangladeshi tea rose marginally to Tk 144.93 ($1.9) per kg Tuesday against Tk 143.86 at the previous weekly auction, said an official at the National Brokers Limited, the largest tea broking firm in the country. More than 2.28 million kg of tea was offered at the country's only auction centre, in the main port city Chittagong, with 18 per cent left unsold compared with 16 per cent unsold in the previous auction when the offer was about 2.37 million kg. Pakistani buyers, who took part in the previous two auctions after a long absence, were also active this week, the official said. The country has become a net importer of tea after previously ranking as the world's fifth-largest exporter. Tea exports fell to $3.20 million in the fiscal year ended in June from $5.65 million the previous year, mainly due to growing domestic demand. Pakistan, the United Arab Emirates and Saudi Arabia are the main importers of Bangladeshi tea.