Zimbabwe Trade Gears up for Selling Season
Zimbabwe’s tobacco auctions are set to open on March 30, with all three auction floors prepared to follow Covid-19 protocols, reports All Africa.
Majority of sales will take place through contract floors while auction floors will cover 5 percent of sales.
Prices are expected to be firm. Due to the rainfall, output of the crop is expected to be down 15 percent, according to New Zimbabwe.
Tobacco leaf has a capacity of earning $15 billion per year for Zimbabwe, according to Bulawayo 24 News, but the country is currently only bringing in $900 million.
Tobacco Industry and Marketing Board CEO Meanwell Gudu stated that there’s a need to invest in value addition for the industry and country to fully benefit from the crop and that sustainability issues could affect the markets if not adhered to.