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In just two months – the opening months of 2021 – the earnings at the auctions of Coonoor Tea Trade Association (CTTA) have increased by a whopping ₹ 56.87 crore or 86.51 per cent over January and February 2020.
This has happened because of 12.70 lakh kg more tea being sold even as the average price rose by ₹50.32 per kg, reveals an analysis of the market reports.
As North Indian plantations are closed for winter, upcountry buyers and exporters were required to source their teas from the South and they discovered that the quality of the winter teas in The Nilgiris has improved. “So, we paid a higher price to procure the teas at CTTA auctions”, a buyer told BusinessLine.
The average price rose to ₹133.13 a kg from ₹82.81 in January and February of 2020.
Nevertheless, the demand was strong and the volume sold rose to 9.20 million kg (mkg) from 7.93 mkg kg in January and February 2020.
As more volume was sold at higher price, the overall earnings rose to ₹122.48 crore from ₹65.67 crore, marking an increase of ₹56.87 crore or 86.51 per cent.
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