Home » Business » ZIMBABWE’S 2014 TOBACCO SALES HIT 130 MILLION USD

HARARE, April 2- Zimbabwe has so far recorded 130,6 million from the sale of 41,78 million kilogrammes of tobacco sold at an average price of 3.13 USD per kg since the opening of this year’s marketing season on Feb 19, according to the Tobacco Industry and Marketing Board.

The volume of tobacco sold to date is 22.59 per cent higher than the 43.08 million kg worth 126,3 million USD sold during the comparable period last year, the board reported here Tuesday, adding that of the total tobacco sold, at least 28.9 million kg went through contract sales while the remainder went under the hammer.

At the close of the 2012/13 marketing season, 166.5 million kg of tobacco were sold at an average price of 3.70 USD per kg, realizing 616.1 million USD in sales.

The government set output this year at 170 million kg after many farmers turned to tobacco and abandoned other cash crops which do not have attractive producer prices. Since Zimbabwe adopted the use of multiple foreign currencies, the tobacco industry has become one of the fastest to recover from the economic meltdown of the past decade.

The sector has been on a rebound with more than 70, 0000 farmers registered to grow the crop this season.
Tobacco is one of Zimbabwe’s major agricultural exports, accounting for 10.7 per cent of gross domestic product (GDP).

Export destinations for Zimbabwean tobacco include Belgium, the United Arab Emirates, China, Sudan, Hong Kong, Indonesia, the Philippines, Britain and Russia.

SOURCE: NEW ZIANA

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