COFCO signs tea import deal worth US$1M with Indian company
Chinese company COFCO (China Tea) signed a US$1 million contract with Indian company Jay Shree Tea & Industries Ltd for importing of Indian black tea to China. The contract was signed during the China International Import Expo (CIIE) in Shanghai on Nov.6, 2018.
Chinese company COFCO (China Tea) signs a US$1 million contract with Indian company Jay Shree Tea & Industries Ltd for importing of Indian black tea to China.
The deal was signed partly due to the constant efforts put by Indian Embassy in Beijing and Indian Consulates in Shanghai and Guangzhou to promote Indian tea in China and as an immediate outcome of the tea promotion in Beijing two weeks ago.
In 2017, India exported about 8 million KG of Tea valued at US$25 million, registering 29 percent 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 color and flavour, which goes well with milk-based tea drinks.
The growth momentum seems to be continued 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.
(Source_title：COFCO signs tea import deal worth US$1M with Indian company)