Tobacco seasonal exports decline
November 19, 2014
TOBACCO seasonal exports declined to $120,2 million during the 11 months between January and November compared to $130 million recorded the same period last year, latest statistics have shown.
BUSINESS REPORTER
According to latest data from the Tobacco Industry and Marketing Board (TIMB), the four top destinations for the golden leaf were China, Belgium, South Africa and the United Arab Emirates.
The golden leaf was sold at an average price of $5,90 per kg compared to $5,54 per kg realised last year.
China accounted for 46 176 325kg and was the leader, followed by Belgium 23 731 720kg, South Africa 11 540 364kg and the United Arab Emirates 9 209 596kg.
To date, about 86 992 growers have registered for 2015 season as compared to about 83 967 who had registered by the same period last year. The new registration for 2015 now stood at 16 140.
Tobacco is one of the country’s major agricultural exports, accounting for 10,7% of gross domestic product.
Output for flue-cured tobacco increased by 30% for this year’s selling season compared to last year to 216,2 million kg compared to 166,6 million kg.
The golden leaf has raked in $685 million as compared to $612 million in 2013, indicating a 12% surge in revenue.
During the selling season, the average price dropped by 14% to $3,17 per kg.
The increase in tobacco output also resulted in the country hitting the 210 million kg mark.