The auction daily average prices are higher than daily average prices of US$2,69 per kilogramme for the past three seasons.

TOBACCO growers have sold 47 million kilogrammes of tobacco valued at US$126 million during the first 21 days of the 2017 tobacco marketing season.

According to the Tobacco Industry and marketing Board (TIMB), deliveries at both auction floors and contract sales significantly rose from daily average sales of three million kilogrammes to  four million kilogrammes per day because most farmers were eager to sell their crop before the Easter and Independence holidays.

The seasonal average selling price of US$2,68 is one percent lower than the average selling price recorded in a corresponding period last season which was US$2,70 per kilogramme.

The auction daily average prices are higher than daily average prices of US$2,69 per kilogramme for the past three seasons.

 Tobacco bale rejection rate for 2017 is lower than rejections recorded for the last two seasons. The rejection rate is now at 6,04 percent down from the rejection of 7,1 percent recorded during the same period last years.  Price rejections account for 22 percent of the rejections while the remaining 78 percent is for various defects.

The 2017 tobacco export volumes are now at 42,5 million kg which is 14 percent higher than volumes exported in the corresponding period last year, while the average price of US$4,81 is 21 percent lower than the 2016 average price of US$6,12.

Zimbabwe’s tobacco export destinations include China, Indonesia, Belgium and the United Arab Emirates.

Cash challenges continue as some banks are failing to meet the withdrawal limits of US$500 set by Reserve Bank of Zimbabwe.

Currently, banks are limiting cash withdrawals, with some dispensing as little as US$20.