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Indian Tea Board's delay in announcing production figures is causing concern to the industry and trade as the market is being manipulated with conflicting data on shortage.
Prices are sentimentally driven by stories of shortage in tea's availability. Currently, prices are averaging Rs 93 a kg at the auctions of Coonoor Tea Trade Association against Rs 56 this time last year.
Still, the volume offered for sale at this week's auction has been the highest so far in this calendar and some 37,000 kg more than the volume of this time last year.
Many other countries have data up to April. Kenya reports a shortage of a whopping 26.10 million kg (mkg) till April to total 90.60 mkg, Sri Lanka 4.22 mkg (production: 104.15 mkg) and Malawi 0.60 mkg (26.50 mkg), but Indonesia is the only country to report an increase – 1.40 mkg (21.60 mkg).
“According to our compilation, black tea production so far this year has fallen to 340.57 mkg from 386.28 mkg last year,” Mr Rajesh Gupta, Director, Global Tea Brokers and publisher of annual Global Tea Statistical Diary, told Business Line.
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