The earnings from the auctions of the Coonoor Tea Trade Association (CTTA) have fallen as much as 30.23 per cent in the first two months of 2020 over the corresponding period last year. This is because of low volumes being sold despite the falling prices.
In the nine auctions held in January and February, producers sacrificed prices by as much as ₹17.09 per kg to liquidate unsold teas. Nevertheless, 1.65 million kg less tea was sold, compared with January and February 2019, due to slackened demand from both upcountry buyers and exporters.
Average prices fall
The average prices dropped to ₹82.61 per kg (₹99.70).
As a result, the overall earnings dropped to ₹72.34 crore from ₹103.69 crore, or 30.23 per cent.