Home » General » ZIMBABWE’S FARMERS SELL 544.7 MILLION USD WORTH OF TOBACCO SO FAR

HARARE, Tobacco farmers in Zimbabawe have so far sold 183.5 million kilogrammes of the Gold Leaf worth 544.7 million US dollar during the current sales season, according to statistics released by the Tobacco Industry and Marketing Board (TIMB), the industry regulator.

The volume of tobacco sold so far this year is 7.3 per cent down from 198 million kg of tobacco sold during the comparable period last year but the average price for the crop is slightly higher at 2.97 USD per kg compared with 2.95 USD in the comparable period last year.

The auction floors are now selling the crop once a week as the 2017 tobacco selling season nears its close. However, contract sales are still in full swing because of the high volumes of tobacco still being received. The TIMB said Sunday that the final clean-up sales of tobacco would be held on Aug 11.

The industry is of the view that the set target of 206 million kg of tobacco may not be reached given the volume of tobacco which has been sold so far. The 2016/17 crop was affected by excessive rains which negatively impacted quality and quantity of tobacco. The rains also presented challenges in curing the tobacco.

Zimbabwe attained peak production of tobacco at 260 million kg in 1998, when the crop generated 582 million USD in export proceeds. Production of the crop has since rebounded from a low of 48.8 million kg in 2008.

Zimbabwean tobacco is exported mainly to Belgium, Republic of Korea, United Arab Emirates, China, Sudan, Hong Kong, Indonesia, Philippines, United Kingdom, Spain, New Zealand and Russia.

Source: NAM NEWS NETWORK

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