Tea prices drop by Sh6
By Benard Sanga
| July 4th 2015
Tea prices dropped marginally by Sh6 from $3.41 (Sh337.59) it sold last week to $3.33 (Sh329.67) in this week’s sale.
The average prices for tea offered by the 11 countries that trade at the Mombasa Auction sale however rose by Sh9 from last week’s $3.11 (Sh307.89) to $3.12 (Sh308.88). Kenya offered 5.2 million kilos, nearly same volumes offered last week, but the total volumes offered at the auction plummeted by 16 per cent to 5.9 kilos. Last week, total volume offered was 7.45 million.
Figures from the East Africa Tea Trade Association and Tea Brokers of East Africa (TBEA) indicate that 19.45 per cent of the volumes offered remained unsold. “There was more support from Yemen, other Middle East countries, Sudan Kazakhstan while Pakistan packers and UK were active,” says a communication from TBEA.
Egypt packers, one of the country’s main buyers started the trade strongly but were quieter towards the close. Meanwhile, the Government has rolled out plans to promote tea drinking, Agriculture, Fisheries and Food Authority (AFFA) has said. Kenyans consume a paltry 5 per cent of the tea produced making her one of the least consumer of the non-alcohol beverage despite it proved medicinal value.
Tea firms slide to annual lossKenya’s Williamson Tea and Kapchorua Tea both reported a loss for the year to March 2015, blaming weak prices caused by a glut in supplies globally and in Kenya but forecast a recovery on lower output.
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