A tea box in China has been selling for about $5 in the country’s tea market, which was set to surge to $20 by 2020, according to data compiled by ABC News.
The box, which sells for about 10 yuan ($15) at a store in the eastern city of Chongqing, was made of bamboo and used in a traditional Chinese tea ceremony.
“I bought it to show my friends,” said Huang Guiqin, who works in the tea store.
“My friends are from China, and they want to know what I think about Chinese tea.
I want to show them.”
According to the government’s tea industry agency, the total market value of tea and beverages sold in China is $1.9 trillion, which represents approximately 18% of the world’s total.
In 2017, tea sales in China grew by 15.4% from 2016, according the Ministry of Commerce.
But the market has been under pressure from a series of events that have taken place in the last few years, including the U.S. decision to impose tariffs on Chinese imports of some goods and the decision to open the country up to international sanctions, including from the United States and the European Union.
The number of people aged 60 and older in China declined by 2.9 million between 2014 and 2020, from 10.3 million to 8.9.
That marked the first time in the government history that a declining population had caused a decline in the age of people.
The U.N. estimates that China has around 11.3 billion people, down from 13.8 billion in 1960.