The Hindu : Business : Dip in sales at tea auctions

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Saturday, Sep 22, 2007
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Dip in sales at tea auctions

Staff Reporter

South Indian production has dropped

KOCHI: A total of 33.64 million kg of tea was sold through auctions in Kochi from January to July as against 36 million kg during the corresponding period last year. The average prices were Rs. 57.53 and Rs. 52.46, respectively. Though there was a decline in the quantity, the Cochin Tea Auction Centre maintained its top position in terms of quantity and average auction price among the South Indian auction centres.

The estimates for the year 2006-07 indicated that North Indian production had gone up to 724.8 million kg from 704.02 million kg, whereas South Indian production dropped from 226.93 million kg to 222.37 million kg, Tea Buyers’ Association, Cochin, said.

The association’s annual general meeting was held here on Monday and waschaired by Krishnakumar J. Shah.

The tea sector was reeling under a crisis for years.

However, it started picking up courtesy the package being implemented by the Union Ministry of Commerce. But the appreciation of the rupee against the U.S. dollar had its adverse impact on tea exports. Export realisation came down significantly owing to higher interest rates and increase in ocean freight, Mr. Shah said.

The export of tea through the port of Kochi from January to July was of the order of 37.2 million kg, recording a drop of 16 million kg from the corresponding period last year.

M. K. Ajit was unanimously elected President of the association for 2007-08. Mustafa Moosa and Jinesh C. Dagli were elected Vice-President and Honorary Secretary, respectively.

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