India reported 46 per cent increase in its tea import bill due to large import by Indian tea industry for re-export purpose. The country imported tea worth Rs 110 crore between January and July as compared to Rs 75 crore during the corresponding period last year.
Tea import stood at 13.2 million kg during first seven months of the current financial year as compared to 10.3 million kg in 2008.
The country recorded unit price realization of imported tea at Rs 83.93 per kg in 2009 as compared to Rs 73.71 per kg in 2008. India also imported tea from non-traditional tea importers including Canada, Iran, South Africa, the UAE and the US in 2009.
A senior executive from the tea industry said, “The price of Indian tea has gone up substantially due to a production shortage. So, the industry is resorting to import of cheaper teas from other countries and blend it with Indian tea for export markets.”
India produced 595 million kg tea during the first eight months of the fiscal 2009 as compared to 600 million kg in the period January to August 2008.
Source : stockwatch.in