Tobacco earnings increase 7,5pc

Source: Tobacco earnings increase 7,5pc | The Herald

Lesego Valela
This year’s tobacco earnings have surpassed the earnings of last year in the same period by 7,57 percent.

The farmers have so far earned US$632 million from the sale of 206 million kilogrammes of tobacco since the opening of the marketing season in March.

According to the Tobacco Industry and Marketing Board (TIMB), the total auction floors stand at US$40,2 with 12,5 million kilogrammes whereas the total contract floors are at US$591,7 with 193,8 million kilogrammes.

The deliveries have been declining ever since the auction floors closed on July 20.

There are 2,6 bales laid this year which gives a slight decrease of 3,96 percent from the bales that were laid last year.

There are 2, 5 million bales sold and 75,871 bales rejected this year.

The highest price for 2022 increased by 1,49 percent from last year’s which was at US$6,70 and is currently at US$6,80.

The lowest price still stands the same as last year, it stands at 10 cents.

The TIMB team hopes for a better outcome however they are worried about the outcome that may not be achieved due to bad rainfall.

Last season the farmers faced a lot of problems which include a shortage of rainfall which is why they turned to irrigation practice.