Daily tobacco sales double, seasonal exports earn $226 million

Daily tobacco sales double, seasonal exports earn $226 million

HARARE, April 29 (The Source) – Zimbabwe’s tobacco industry regulator says daily tobacco sales have more than doubled in recent weeks from an average of 1.2 million kg per day before the Easter holidays to the current 2.5 million kg per day, driven by firming prices.

The 35 days of trading have so far yielded about 55.7 million kg averaging $2,83/kg which is almost 8 percent less than what was sold after the same period last year.

At $2,83/kg the average price is however still 11 percent lower than last year’s $3,17/kg.

In an industry report for last week, the Tobacco Industry and Marketing Board (TIMB) said 17.9 million kg has been sold via the three auction floors compared to 37.9 million kg through contract buyers.

Seasonal exports so far amount to 36.3 million kg at $6.25 earning the country up to $226 million.

China leads the buyers, taking 19.6 million kg of the leaf at an average price of $8,58/kg, amounting to $168 million.

South Africa has so far bought 4.5 million kg at $3,10 totalling $14 million.