Zimbabwe Earns $763 Million From Tobacco

Tobacco exports earned Zimbabwe $763 million in 2020, reports The Street Journal.

More value-added tobacco in the form of cut rag and cut stems were exported in 2020 compared to 2019, the Tobacco Industry and Marketing Board (TIMB) said.

Exports of byproducts increased from 36 million kg in 2019 to 43 million kg in 2020.

Despite Covid-19, Zimbabwe exported 187 million kg of tobacco, equal to the previous year’s volumes, according to the TIMB. “Global tobacco movements in the year 2020 have not been impacted significantly regardless of the global pandemic,” the TIMB said in a statement. “More value-added tobacco in the form of cut rag and cut stems have been exported this year [2020] compared to 2019. The Far-East was the top destination for Zimbabwean tobacco as 33 percent of total exports were destined for China.”

The average tobacco export price in 2020 was $4.06 per kg compared to $4.51 per kg in the same period in 2019.

Tobacco generates 30 percent of Zimbabwe’s foreign currency, bringing in more than $600 million annually.