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The overall earnings in the auctions of Coonoor Tea Trade Association (CTTA) in the first quarter of current calendar (Q1) had risen by as much as ₹ 84.94 crore or 91.43 per cent over the same months of 2020.
This has happened because of 24 lakh kg more tea being sold even as the average price rose by ₹ 47.60 a kg, reveals an analysis of the market reports.
With North Indian teas are yet to hit the market in volumes due to the winter closure of factories there, upcountry buyers as also exporters scouted for teas from the South. That was when they discovered a general improvement in the quality of the Nilgiris winter teas. So, they paid a higher price and procured a higher volume.
In all, 12 weekly auctions were held in the three months when the average price rose to ₹ 129.81 a kg from ₹ 82.21 in the same months of 2020.
Despite the price rise, the higher demand helped the volume sold to rise to 1.37 crore kg from 1.13 crore kg in January to March 2020.
As more volume was sold at higher price, the overall earnings rose to ₹ 177.84 crore from ₹ 92.90 crore – an increase of a whopping ₹ 84.94 crore or 91.43 per cent.
The increased earnings lay spread among the tea manufacturers, growers, auctioneers and workers.
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