Zimbabwe Sales Surpass $800 Million
Photo: Taco Tuinstra
Since auction and contract floors opened in March, Zimbabwe has sold more than 270 million kg of tobacco worth $817 million, reports The Herald.
The target this year was 230 million kg compared to last year’s 212 million kg.
Tobacco Industry and Marketing Board (TIMB) data shows that this year’s sales have increased 52 percent from 2022 sales of 177 million kg during the same period.
The highest price at the contract floors was $6.10 per kilogram while the highest price at the auction floors was $4.99 per kilogram.
“The prices are hovering around $3.02 per kilogram, and we hope they will improve as the marketing season progresses. If the prices continue like this, we will manage to go back to the field again,” said Marjory Munengerwa of Rusape.
So far, farmers have been happy with the marketing season and the fast, fair payments. TIMB has been working to create a marketing season without side marketing.
Zimbabwe generates $1 billion annually from tobacco exports to over 60 countries around the world, among them China, Japan, the United Arab Emirates, Indonesia, Belgium, the United Kingdom, the United States, Brazil, South Africa, Botswana, Malawi, Egypt, Tanzania, Zambia, Mozambique and Lesotho.
A new target of 300 million kg per year has been set with plans to transform the sector into a $5 billion industry by 2025.