Senior Business Reporter
ZIMBABWE’S tobacco sales have since the beginning of the selling season increased by 35,45 percent to 84 million kilogrammes compared 62 million kg during the same period last year.
Latest statistics from the Tobacco Industry and Marketing Board (TIMB) show that about $240 million has been realised from selling the golden leaf since the opening of the marketing season on March 30.
During the comparable period last year, sales worth $175 million were realised.
According to TIMB, the bulk of the tobacco has so far come through the contract system (67 million kg) while 16,5 million kg have been recorded under the auction system.
Tobacco under contract sales has recorded an average price of $2,97 a kg while auction sales average price is $2,48 a kg.
Both contract and auction sales have so far attracted an average price of $2,87 per kg compared to $2,85 a kg during the same period in 2015.
About 6,33 percent of the 1,1 million bales laid so far have been rejected.
During the same period last year, 851,812 bales were laid.
The tobacco sales are expected to inject fresh liquidity into the economy.
This year’s sales started off on a low note after a new system where farmers’ money was deposited into their accounts faced challenges as banks did not have adequate cash.
The situation has since been addressed.
Meanwhile, tobacco exports have raked in $246,3 million since the beginning of the year from 42,5 million kg that have been exported to different parts of the world.
Of the 42,5 million kg exported so far, China, which is the major consumer of the golden leaf from Zimbabwe has imported 20,2 million kg with a value of $164 million at an average price of $8,11 per kg.
During the same period last year, 39 million kg were exported raking in $234,2 million.