Tobacco earns $556m

Tobacco earns $556m

Source: Tobacco earns $556m | The Financial Gazette August 31, 2017

TOBACCO

Tobacco planting for the 2017/2018 season is expected to commence on September 1

ZIMBABWE earned $556 million from 188 million kilogrammes of tobacco crop sold during the selling season which closed August 11, official figures show.
Sales at the country’s three auction floors raked in $88 million from 31 million kg of the golden leaf, while $468 million was earned from contract tobacco sales.

Last year, the country earned $594 million from 202 million kg from both auction floors and contract sales.

While auction floors have since closed, contract tobacco continues to trickle in, with statistics from the Tobacco Industry and Marketing Board’s weekly bulletin showing that by day 111, the average price remained at $2,97 per kg.

Preparations for the 2017/2018 season indicate that farmers will be planting more than 135 000 hectares, a 14 percent increase on last year’s 118 000 hectares.

Tobacco planting for the 2017/2018 season is expected to commence on September 1, with the planting of the irrigated crop, while dryland planting is expected to start on October 1.

New grower registrations for the coming season show a 114 percent increase from 11 000 growers in 2016 to 23 000 growers in 2017. newsdesk@fingaz.co.zw

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