Tea prices at the Mombasa auction rose by a marginal Sh2 but remained within four-year lows.
A market report by the East African Tea Traders Association (Eatta) indicates the average price of the commodity stood at Sh210 a kilo in the latest sale held last week from the Sh208 recorded in the previous sale. In comparison with the same period last year, the value of the beverage has significantly fallen from a high of Sh287 per kilo.
During the trading held last Tuesday, tea quantities increased by 424,406 kilos to reach 9.8 million kilos. The Tea Directorate had anticipated the price to pick up this January on assumption that the drought normally associated with the month will cut supply. Eatta had attributed a string of poor prices to increased volume in the market.
Earnings from tea exports are projected to rise by Sh5 billion this year resulting from low volumes and high auction prices.
The directorate said the tea volume will this year drop from a high of 450 million kilos realised in 2018 to 435 million.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
