Tea was withdrawn from the market for Sh1. 5 billion worth of the beverage after the value of the commodity at the Mombasa auction fell to retail below the minimum price established by the government.
According to data from the East Africa Tea Trade Association, the cost of the beverage dropped from $2. 45 (Sh298) in the previous sale to $2.34 (Sh285) in the most recent transaction.
The most volume pulled out of the trading floor since the year’s inception was this most recent withdrawal. Which made up 37% of the provided volumes.
After several months of strong performances, the price of tea at the auction has dropped for the second time in 11 weeks. The auction’s amount of tea offerings decreased by 465,000 kg during the sale, continuing a declining trend from the previous month.