• June 12, 2024

Tobacco Earnings Top $110 million

 Tobacco Earnings Top $110 million
Photo: Taco Tuinstra

Malawi has earned $110.2 million from tobacco sales since the start of the marketing season 11 weeks ago, reports Xinhua News Agency

According to recent statistics from Auction Holdings Limited (AHL) Malawi, tobacco markets across the country have traded 72.7 million kg of leaf at an average price of $1.51 per kg.

Tobacco growers have expressed dissatisfaction with the current prices, but Tobacco Commission CEO Kaisi Sadala said he expects prices to increase as new buyers enter the country.

“The coming in of new buyers into the country means that there is going to be some kind of competition on the market hence the rise of prices; farmers should not lose hope, rather they should keep bringing their good quality products to the markets,” said Sadala.

Tobacco is Malawi’s biggest export crop, accounting for more than 50 percent of all foreign currency receipts.