Oliver Kazunga, Senior Business Reporter
ZIMBABWE has generated $501.6 million from 170.4 million kilogrammes of tobacco that have been sold since the beginning of the marketing season in March, latest official data shows.
Last year, during the comparable period, 174.5 million kgs went under the hammer raking in $512.5 million.
Statistics from the Tobacco Industry and Marketing Board (TIMB) further show that so far, a total of 2 286 891 bales have been delivered with 2 150 361 having been sold.
This means that 136 530 were rejected owing to various reasons ranging from overweight to too much moisture content among other reasons.
During the same period last year, 2 358 111 bales were laid while 171 585 of them were rejected translating to 2 186 526 being sold.
TIMB also indicated that the average selling price for the season was so far pegged at $6 a kg compared to $6.25 a kg during the relative period last year.
A total of 22 buyers have been licensed by TIMB to buy the golden leaf at the three auction floors.
Last year, tobacco farmers sold 202.2 million kgs of flue-cured tobacco raking in millions of dollars.
In terms of tobacco export figures, TIMB indicated that 47.2 million kgs have since the beginning of the year been exported across the globe raking in $222 million.
During the same period last year, $248.3 million was raised from 43.2 million kgs that were exported around the world.
The golden leaf remains one of Zimbabwe’s major foreign currency earners and since the adoption of a multicurrency system in February 2009, has been pivotal in improving liquidity supply in the economy.
At present, Zimbabwe exports flue-cured tobacco to 48 countries compared to 38 during the same period last year. In 2016, Zimbabwe raked in $933.6 million from 164.4 million kgs of flue cured tobacco exported across the globe.
Zimbabwe exports flue-cured tobacco to countries such as China, South Africa, United Arab Emirates, Japan, Brazil, India, Zambia, Botswana, Malawi, Jordan and the United Kingdom.
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