Market reports indicate that Kenya’s top quality Tea has dropped in price for the first time on the global trading market in seven weeks to US$4.06/Kg at auction this week from US$4.07/Kg last week, market participants have said.
Kenya is the world’s biggest exporter of black tea and the crop is one of its largest foreign exchange earners. It fetched US$1.27 Billion in 2011.
The Mombasa-based Africa Tea Brokers (ATB) said in a market report that Best Broken Pekoe Ones TEABP1-BEST-KE sold at US$3.92-US$4.20/Kg from US$3.88-US$4.25 last week.
Best Pekoe Fanning Ones TEAPF1-BEST-KE fetched US$3.74-US$4.00/Kg from US$3.67-US$3.96/Kg at the previous sale.
It said 102,796 packages were offered for sale, with 17.1% going unsold. Last week, 98,514 packages were offered with 13% left unsold.
The report said Pakistan, Afghanistan, Kazakhstan, Russia and Sudan showed strong demand, as did Egyptian Packers.
Yemeni Packers, Middle Eastern countries and UK Were also said to have been active at the auction.
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