Tobacco Earnings Reach Half Billion

    Photo: Taco Tuinstra

    Zimbabwe has earned $500 million from tobacco sales since the start of the 2021 selling season, reports The Manica Post.

    Statistics released by the Tobacco Industry and Marketing Board (TIMB) indicate that the highest price offered for tobacco grown under contract this season is $6.70 per kg, up from $4 last year.

    According to estimates, at least 200 million kg of tobacco will be sold this season compared to 180 million kg, valued at $452 million, which were sold last year.

    Crop hectarage went up by 6.84 percent from 117,000 hectares during the 2019–2020 season to 125,000 hectares of crop this year.

    At day 60, at least 190 million kg valued at $500 million had been sold at an average price of $2.75, up from $2.44 last year.

    About 151 million kg, valued at $360 million, were sold during the same period last year.

    The TIMB has set the minimum support package that every contractor should provide to a farmer at $1,000 per hectare for smallholder farmers and $4,000 per hectare for commercial farmers.