Jay Shree Tea signs $1 million export deal with China’s COFCO

Jay Shree Tea signs $1 million export deal with China’s COFCO

Agency News

Beijing, Nov 6: Jay Shree Tea & Industries Ltd on Tuesday signed a $1 million export contract with Chinese company COFCO (China Tea) for export of Indian black tea to China.

The contract was signed during the China International Import Expo (CIIE) in Shanghai.

In 2017, India exported about 8 million kg of tea valued at $25 million, registering 29 per cent year-on-year export growth in value terms. Most of this growth is due to the rising demand of Assam CTC black tea, known for its strong colour and flavour, which goes well with milk based tea drinks.

The growth momentum seems to be continue with efforts of the Indian Embassy and Consulates bearing fruits in signing of larger export contracts with Chinese companies.

As per the contract between Jay Shree Tea and COFCO, the former will supply Assam CTC black tea to the latter.

Currently, China is India’s 10th largest tea export destination. This is poised to be improved with more and more Indian tea finding its way into huge Chinese market.

Also on Tuesday, Commerce Secretary Anup Wadhawana had a bilateral meeting with Vice Minister of China’s Commerce Minister Wang Shouwen in Shanghai and urged him to create market access for export of India’s agricultural products, according to the Indian embassy. (UNI)