The cumulative earnings at the auctions of Coonoor Tea Trade Association have risen by 10.57 per cent in the first four months of current calendar over the same period of 2016.
Till April, 17 auctions had been conducted when the demand from upcountry buyers was sharply felt. Due to the closure of plantations in the North arising from harsh winter conditions, traders in the North sourced their tea from the South, including Coonoor auctions.
This demand pushed up the price to average ₹106.28 a kg from ₹97.44 in Jan-April 2016. This resulted in more tea being absorbed despite prices increasing. Consequently, the turnover rose to ₹156.23 crore from ₹141.29 crore.
This increase of ₹14.94 crore marked a growth of 10.57 per cent.