The cumulative turnover of the auctions of Coonoor Tea Trade Association (CTTA) in the three quarters of current calendar has increased by 16.43 per cent over the same period of 2016. This has happened despite a sharp fall of ₹10.44 a kg in the price earned because as much as 1.15 crore kg more tea was sold in the nine months, reveals our analysis of the Market Reports.
Till September, 39 auctions were held when the average price dropped to ₹85.90 a kg from ₹96.34 in the same months of 2016.
Producers opted for the drop in price to reduce the volume of unsold tea. This helped the sale volume to rise to 4.91 crore kg from 3.76 crore kg.
Consequently, the cumulative turnover increased to ₹421.77 crore from ₹362.24 crore.
This increase of ₹59.53 crore marked a growth of 16.43 per cent.
The higher earnings lay spread among the manufacturers, growers, brokers, traders and workers.
If this trend continues in the last quarter, the year will end with the turnover rising by ₹60 crore over 2016.
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