Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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Tobacco hits $25m in sales

Tobacco hits $25m in sales

 

TOBACCO-BALES

Oliver Kazunga, Senior Business Reporter
TOBACCO sales have reached $25.8 million from 8.9 million kilogrammes delivered at the auction floors since the start of the marketing season on March 21, official figures show.

During the comparable period last year, 10.4 million kg of tobacco were sold generating $26.6 million.

According to a weekly report from the Tobacco Industry and Marketing Board (TIMB), as at April 4, 2018, contract sales generated $21.2 million from seven million kg that were sold while the crop delivered under an auction system has so far raked in $.6 million from 1.9 million kg sold. The crop delivered contract arrangement fetched an average price of $3.01 a kg while the average price for the auction system was $2.42 per kg.

TIMB also indicated that so far 127 113 bales were laid compared to 151 002 during the comparable period in 2017.

Of the total number of bales so far laid, 117 429 bales were sold while during the same period last year, 139 846 bales were sold. The country this year expects tobacco production to improve by close to six percent to 200 million kg from 189 million kg in 2017. In the 2017/18 cropping season, total hectorage planted under tobacco stands at 104 397 hectares.

The golden leaf is the country’s second largest foreign currency earner after gold.

Zimbabwe exports its tobacco mostly to China, South Africa, Belgium, United Arab Emirates, Indonesia, Sudan and Russia among a host of other consumers of flue-cured tobacco from the country. At present, the country exports 98 percent of the golden leaf produced locally with tobacco receipts from the foreign markets expected to reach $1.2 billion this year compared to $904 million achieved last year.

@okazunga

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