$577m tobacco sold so far: TIMB

via $577m tobacco sold so far: TIMB | The Herald August 12, 2015

A total of 195,7 million kilogrammes of tobacco worth $576,9 million has been sold to date since the selling season opened in March this year, statistics released by the Tobacco Industry and Marketing Board (TIMB) show.

Auction floors closed business on July 15 this year while contract sales are still going on.

According to the statistics, the seasonal average stands at $2,95 per kg.

During the same period last year 212,7 million kg of tobacco worth $674,7 million was sold at an average price of $3,17 per kg.

Last year the country produced 216 million kg of the golden leaf, the highest it had achieved in more than 15 years.

Poor prices have dominated the 2015 tobacco selling season, with some prices as low as $0,06 per kg being recorded.

Since the adoption of multiple foreign currencies in 2009, the tobacco industry has been one of the fastest to recover from the economic downturn of the past decade.

Many farmers have been shifting to tobacco due to the favourable prices.

Tobacco is one of Zimbabwe’s major agricultural exports, accounting for 10,7 percent of Gross Domestic Product. – New Ziana.