Tea prices in Bangladesh dropped for a second straight week at a weekly auction on Tuesday as renewed political unrest disrupted supplies and hit usually higher winter demand from local buyers, reports Reuters.
Bangladesh has been racked by political unrest since anti-government protests turned violent on Jan. 5 on the first anniversary of a disputed election.
Tea volumes were down this week on tepid local demand as political violence and transport blockades disrupted supplies, an executive with National Brokers Ltd said.
Bangladeshi tea fetched an average 185.27 taka ($2.40) per kg, compared with 188.88 taka at the previous sale, he said.
About 1.89 million kg was offered at the sole auction centre in Chittagong, of which 32 per cent remained unsold. In the previous auction, about 1.9 million kg was offered, with nearly 30 per cent remaining unsold.
At least 30 people have been killed and 20 injured in the latest violence, mostly in arson-attacks.
Tea production in Bangladesh rose 1.6 per cent 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 because of rising consumption.
In April 2014, Bangladesh increased customs duty to 15 per cent from 5 per cent to discourage imports amid a drop in local prices due to ample supplies.
Following are the results of the latest auction. Figures are in Bangladesh taka per kg.
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