TOBACCO sold at Auction floors since the commencement of the selling season has increased by 51,4% in the comparative period.
Data released by the Tobacco Industry Marketing Board (TIMB) Thursday which marked Day 14 of the selling season shows that a total of 32,9 million kilograms of tobacco was sold broken down as follows: 2,1 kgs from the Auction and 30,7 kgs from the Contract.
At the current rate, the golden crop’s output increased by 51,41% when compared to the same period last year.
The industry regulator also revealed the sold tobacco fetched US$114,4 million compared to US$65,2 million recorded during the comparative period signifying a 75,2% increase.
Average prices are also performing significantly well hovering around US$3,47 as compared to US$3,00 recorded last year.
The number of rejected bales went down to minus 10,7 % with the highest selling price at US$6,99, which was 25,9%.
Tobacco production is expected to fall at least 10% to 265 million kg in 2024 from its biggest-ever crop of 296 million kg last year due to an El Nino-induced drought, the industry regulator said on Wednesday.
El Nino is a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually warm, causing changes in global weather patterns.
Zimbabwe is Africa’s largest tobacco producer and is one of the country’s main foreign currency earners. It brought in a record $1.2 billion in 2023 from exports mostly to China.
SOURCE : NEW ZIMBABWE
