Browsing: Tanzania tea sector

Tanzania has announced plans to roll out its own tea auction, a move that would tap major players from the country as well as from neighboring Rwanda, Burundi and Uganda, shrinking the turf held by the Mombasa auction. 

The country’s push for an auction is driven by the need to lower transport costs to Mombasa and boost farmers’ earnings. 

The reach is expected to be even bigger. The new tea auction will be conducted by the Tanzania Mercantile Exchange (TMX) via an online system, whereby buyers across the world will be able to get the opportunity to participate. First incorporated in 2014, the exchange provides futures clearing and settlement services. It also maintains a central securities depository.  The TMX primarily lists agricultural futures, with sesame seed futures accounting for a large portion of trades. 

The Tanzania Board of Tea (TBT) announced that the exchange will be based in Dar