Tea producers and traders who operated through the auctions of Coonoor Tea Trade Association (CTTA) have earned 2.12 per cent more till August compared to the eight months of 2017.
This has happened despite the average price fetched falling by 94 paise per kg because of an increase in volume sold to the tune of 13 lakh kg, our analysis of Market Reports shows.
In the eight months, 35 auctions had been conducted when to reduce the volume of unsold teas, producers offered periodical sacrifices in prices. In effect, the average price dropped to ₹86.53 per kg from ₹87.47 in January-Auguat 2017.
This helped the volume sold rise to 4.16 crore kg from 4.03 core kg in this period.
In turn, it helped the overall earnings to rise to ₹359.96 crore from ₹352.50 crore in the eight months of 2017. This increase of ₹7.46 crore marked a gain of 2.12 per cent.
Till June, the earnings were below last year. In July, they managed to lift head above water and in August, there was marginal improvement.
“A silver lining in the otherwise depressing trade scenario was the all-time high-price record created by Avataa Beverages in Sale No: 15 of CTTA auctions fetching a whopping ₹2,401 a kg – the highest price fetched by any tea in any auction in any year in any centre anywhere in South India, not just Coonoor”, Nishant Vakharia, Chairman, Coonoor Tea Trade Association, said.
“This broke all the previous records in all categories in South India. This tea was purchased by Golden Tips Tea Co for their overseas buyers. We are proud to be associated with this prestigious mark”, said P R Ninan, Chairman, Paramount Tea Marketing, which auctioned the tea.
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