Tobacco sales top US$14m on day seven

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HARARE – At least 6.16 million kilograms of tobacco worth 13.95 million US dollars have been sold so far since the start of tobacco selling season, statistics from the industry regulator show.

The Tobacco Industry and Marketing Board (TIMB) said sales had increased significantly from the  previous season.

The average price at both auction and contract floors stood at 2.26 USD per kg which is 38.99% higher than in the 2019 marketing season. The crop has so far fetched a highest price of 6.10 USD per kg while the lowest has been 0.50 US cents per kg.

Rejected bales increased by 5.83% to 2 070 from 1 956 recorded in the same period last year.

The bulk of the tobacco has been exported to China with the rest going to South Africa, Belgium, the United Arab Emirates, Indonesia, Sudan and Russia.

This year tobacco was grown under two extremes of weather characterised by delayed rains and prolonged drought.

Traditionally, the opening of tobacco auction floors leads to improved foreign exchange inflows in the country.

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