Indian tea prices predicted to soar next year
Prices of Indian tea are expected to rise by as much as 30% next year, according to a senior industry official. Aditya Khaitan, managing director of McLeod Russel, one of India's biggest tea exporters, said severe droughts and crop shortages from major producers will drive up prices in the upcoming year. In 2009, he foresees the output of 965 million kg - a drop of 20 million kg compared to 2008. He also predicts the country's exports to fall by 10 million kg to 190 million kg in the same period, against 200 million kg in 2009.